GBTC Share Price Soars, Discount Narrows to Multi-Month Low on BlackRock ETF Filing Optimism
Investors turned optimistic about Grayscale allowing redemptions in the future after BlackRock’s filing for spot bitcoin ETF last week, one analyst said.
Grayscale Bitcoin Trust’s (GBTC) share price continued to soar on Tuesday morning amid optimism about converting the fund into an exchange-traded fund (ETF) after investment management firm BlackRock for a spot bitcoin () ETF.
The price of GBTC shares on secondary markets rose past $16 for the first time since May 10, according to TradingView . It is currently trading at around $15.9, gaining some 24% since Thursday, the day of BlackRock's filing.
The discount on GBTC’s share price relative to net asset value narrowed to as low as 33% during the morning, according to CoinDesk’s calculation. This is the level since last September, and lower than the 34% it recorded in early March.
The surge came as investors turned optimistic about being able to redeem funds in the future, and Grayscale potentially winning an on-going against the U.S. Securities and Exchange Commission (SEC) about converting the fund into an ETF after news about BlackRock’s filing for an ETF. GBTC doesn’t allow redemptions at the moment, which led to a price discount.
“Many are taking BlackRock's conviction as a sign that they expect Grayscale to win its case against the SEC, and want to be in with an ETF filing should that happen,” macro analyst Noelle Acheson said in a note.
“While this doesn't mean that GBTC could convert into an ETF right away if Grayscale does win (it depends on whether Gensler pulls out more tools in his box to fight it), it certainly makes it more likely that GBTC holders would be able to redeem in the near future.”
"The discounts have also narrowed further as GBTC's liquidity remains low," Vetle Lunde, analyst at digital asset research firm K33 Research, said in a note.
He said that at the current discount level, "the market is still implying that GBTC will remain close-ended until 2042 (when adjusting for annual fees). Thus one could very easily make the argument that GBTC still remains substantially underpriced due to backlash from all the built-up leverage from 2020-2021."
also emerged about Fidelity, another investment management giant, possibly filing for a spot BTC ETF or acquiring Grayscale. A Fidelity spokesperson told CoinDesk that the firm had not publicly announced any plans to file. "No filing or refiling has been made since the SEC's denial of the Wise Origin Bitcoin Trust application," the spokesperson added, referring to the firm's for a BTC-focused ETF in March 2021.
Edited by James Rubin.
UPDATE (Jun. 20, 16:07 UTC): Adds comment from K33 Research analyst.
UPDATE (Jun. 20, 17:02 UTC): Adds additional quote from Fidelity spokesperson.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Supreme Court Decision Challenges Party Tactics in Racial Gerrymandering Cases
- Supreme Court Justice Alito blocked a lower court ruling that found Texas' 2026 redistricting plan racially discriminatory, preserving its implementation for the 2026 midterms. - Texas argued the lower court erred by conflating political and racial motivations, citing logistical challenges of changing the map 91 days before the primary. - The case tests boundaries between partisan strategy and racial gerrymandering, with LULAC criticizing the Supreme Court's pause as undermining fair representation for m

XRP News Today: Death Cross Emerges: XRP's Sharp Decline Highlights Broader Crypto Market Fragility
- XRP's price fell below $2.20 on Nov 19, 2025, signaling a "death cross" technical pattern linked to prolonged declines. - The bearish crossover of 50-day and 200-day EMAs suggests intensified selling pressure and potential 55% drop to $1.25. - The decline mirrors weakness in Bitcoin and Ethereum , reflecting systemic crypto market fragility amid macroeconomic and regulatory risks. - Analysts warn of erratic crypto behavior near key levels, emphasizing unpredictable volatility during this bearish phase.

XRP News Today: The Growth of Crypto: Institutional Funding Compared to Market Fluctuations and Risks of Delisting
- Bitwise launches XRP ETF (XRP) to offer institutional exposure to Ripple's blockchain, navigating risks like token depreciation and market volatility. - ARK Invest defies crypto pessimism by injecting $39M into crypto-linked stocks, adjusting its 2030 Bitcoin price target to $1.2M from $1.5M. - Coinbase acquires Solana-based DEX Vector (ninth 2025 deal), aiming to become an "everything exchange" amid surging DEX volume exceeding $1T. - GSR upgrades institutional platform with treasury workflows and marke

Solana News Today: Solana's Emission Reform: Charting a Course for Long-Term Blockchain Economic Stability
- Solana proposes SIMD-0411 to cut $2.9B token emissions over six years, accelerating inflation reduction to 1.5% by 2029. - The "leaky bucket" plan aims to curb supply growth by 3.2% annually, stabilizing market dynamics through scarcity-driven value. - Staking yields may drop from 6.41% to 2.42% by Year 3, risking 47 validators' profitability and forcing industry consolidation. - Institutional adoption surges with $421M in Solana ETF inflows and Coinbase's acquisition of Solana-based DEX Vector. - The ov

