GBTC Rises More Than 12% After BlackRock Submits Bitcoin Spot ETF Application
Grayscale Bitcoin Trust (GBTC) rose more than 12% on Friday after BlackRock submitted an application for a bitcoin spot ETF last week. In addition, the "GBTC discount," which is the difference between the stock price and the net asset value (NAV) of bitcoin held by GBTC, hit a monthly low of -36.61%, according to YCharts. Grayscale's flagship product, GBTC, reportedly enables investors to trade shares of trusts holding bitcoin pools, each designed to track the curren t price of bitcoin, allowing investors to invest in bitcoin without actually buying and holding the assets themselves. Previously MorganCreek founders said that BlackRock was filing for a bitcoin redeemable trust that may compete with GBTC.
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