The discount of Grayscale Bitcoin Trust (GBTC) to its net asset value (NAV) has decreased by approximately 16%. This reduction in discount comes as the US Securities and Exchange Commission (SEC) failed to appeal against a court’s decision regarding a Bitcoin Exchange-Traded Fund (ETF) proposal. GBTC plays a significant role in connecting traditional finance with the digital world, and its discount has been declining, reaching a near two-year low. The SEC’s failure to appeal could potentially result in the denial of the GBTC ETF appeal.
AI Sentiment: Neutral