GBTC discount shrinks by over 42 %, since Grayscale-Sec moves closer

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Von Krypto News Österreich

Im Zentrum des Grayscale-SEC-Dramas steht der Grayscale Bitcoin Trust (GBTC) – der weltweit größte Bitcoin-Fonds – der seit zwei Jahren mit einem steilen Abschlag auf das von ihm gehaltene Krypto-Asset gehandelt wird. Dies hat viel Schmerz auf dem Markt verursacht. Aber an den Tagen vor dem mit Spannung erwarteten Kampf hat sich der GBTC-Abschlag auf den Nettoinventarwert leicht auf 42 % verringert. Greyscale und SEC-Gegenüberstellung Laut Daten von YCharts wurde der GBTC-Rabatt leicht auf 42,11 % reduziert. Die Zahl erreichte am 13. Februar 47,35 %. Die Verengung könnte möglicherweise die Einstellung der Anleger widerspiegeln, dass die Klage zugunsten von Grayscale …
At the center of the Grayscale-Sec drama is the Grayscale Bitcoin Trust (GBTC)-the world's largest Bitcoin fund-which has been traded on the crypto-asset he has held for two years. This caused a lot of pain on the market. But on the days before the struggling struggle, the GBTC discount on the net inventory value has slightly reduced to 42 %. Greyscale and SEC counterpart According to the data from Ycharts, the GBTC discount was slightly reduced to 42.11 %. The number reached 47.35 %on February 13. The narrowing could possibly reflect the attitude of investors that the lawsuit in favor of Grayscale ... (Symbolbild/KNAT)

In the center of the Grayscale-Sec-Drama, the Grayscale Bitcoin Trust (GBTC)-the world's largest Bitcoin fund-has been acted with a steep tee on the crypto-asset he has held for two years. This caused a lot of pain on the market.

But on the days before the struggling struggle, the GBTC discount on the net inventory value has slightly reduced to 42 %.

Greyscale and SEC counterpart

According to data from Ycharts, the GBTC discount was slightly reduced to 42.11 %. The number reached 47.35 %on February 13. The narrowing could possibly reflect the attitude of investors that the lawsuit ends in favor of Grayscale.

The company applied for the conversion of GBTC to a stock market traded fund (ETF) at the SEC in October 2021. The supervisory authority has approved several futures-based crypto products, but repeatedly rejected cash products.

Last summer

Grayscale decided to sue the SEC, just a few hours after the supervisory authority rejected the asset manager's conversion plans. The company's flagship, Bitcoin Trust, was founded in 2013 and has a fortune of $ 14.8 billion.

It was acted with a significant discount, which caused Grayscale to develop a solution in which it is converted into an ETF. The company assumes that such a step would reduce the tee of GBTC by introducing liquidity.

according to the acts submitted to the US Court of Columbia Circuit argued Grayscale that the Sec failed to "treat similar investment instruments uniformly" when you consider that futures-supported Bitcoin ETFs exist. The agency, on the other hand, continued to claim that Bitcoin futures funds and Spot funds vary and that they "had fundamental differences in the ability to uncover and ward off fraud and manipulation".

Donald Retrilli Jr., a former US general attorney that Grayscale brought on board as legal strategists, believes that the same protective measures exist in the Kassamarkt ETFs. Verilli explained in a recent interview:

"And it is only a classic case to take similar cases and treat them differently. And it really gets through if you put it next to each other. The arrangement of the SEC for approval of a Bitcoin Futures ETF and the arrangement in our case to reject our Spot-ETF ... You simply contradict yourself."

a hard struggle

The struggle with the Sec is, according to Elliott Stein, Senior Litigation Analyst at Bloomberg Intelligence, a "hard fight" for Grayscale. He explained that the Commission had formulated a standard for the approval of Bitcoin-based ETFs, of which the stone says that it should insist on the "arbitrary and moody" test that concentrates on it, "the stock exchange has a surveillance agreement with a regulated market of considerable size, which was less a concern."

The agency has pointed out all the failed crypto exchanges, especially FTX, and the controls that these companies had for consumer protection to clarify their point of view.

Bloomberg Intelligence believes that Grayscale has a chance of winning 40 %. If the asset manager makes a profit, he could open the locks for a massive wall of institutional money and release billions of dollars of value for GBTC investors.

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