Grayscale\u2019s Bitcoin (BTC<\/a>) investment vehicle, Grayscale Bitcoin Trust (GBTC), is trading at its lowest discount in nearly two years as spot Bitcoin exchange-traded funds (ETFs) continue to inch toward potential approval in the United States.<\/p>\n The latest data from YCharts shows<\/a> GBTC\u2019s discount to Bitcoin\u2019s net asset value (NAV) has narrowed to 15.87% as of Oct. 13.<\/p>\n Discount to NAV is a percentage that measures the amount that a mutual fund or ETF is trading below its net asset value. The metric is used to track how far away a security is trading from its true value.<\/p>\n Data shows that GBTC\u2019s discount began to narrow when BlackRock and several other financial institutions<\/a> filed spot Bitcoin ETF applications<\/a> in mid-June, where the discount fell from 44% on June 15 to 26.7% by July 5. Since then, the figure has continued to narrow. <\/p>\n The last time GBTC\u2019s discount was at a similar level was in early December 2021 \u2014 only a month after BTC hit its all-time high price of $69,000 on Nov. 10, according<\/a> to CoinGecko.<\/p>\n Bitcoin advocate Oliver Velez believes<\/a> the market is pricing in spot Bitcoin ETF approval by year’s end.<\/p>\n Other analysts, such as cryptocurrency investor Lyle Pratt believe<\/a> GBTC\u2019s discount will continue to \u201cevaporate\u201d over the next week or two as spot Bitcoin ETFs near approval.<\/p>\n THE GBTC DISCOUNT HAS NARROWED TO 16% AS THE MARKET BETS ON A BITCOIN SPOT ETF APPROVAL.<\/p>\n Grayscale’s Bitcoin Trust, commonly known as GBTC, has experienced notable changes in its market dynamics. At the start of this year, GBTC was trading at a significant discount of 48.31%\u2026 pic.twitter.com\/2nWLmvnewb<\/a><\/p>\n \u2014 The Wolf Of All Streets (@scottmelker) October 13, 2023<\/a><\/p><\/blockquote>\n Reports emerged that the SEC wouldn\u2019t appeal the Grayscale decision<\/a> on Oct. 13, leading to Bloomberg ETF analyst James Seyffart referring<\/a>\u00a0to spot Bitcoin ETF approvals as a \u201cdone deal\u201d in an Oct. 13 post. <\/p>\n Related: <\/strong>ETF filings changed the Bitcoin narrative overnight \u2014 Ledger CEO<\/strong><\/a><\/p>\n On Oct. 15, Grayscale reportedly delivered a statement noting that the SEC\u2019s 45-day period to seek a rehearing had passed, meaning the court would issue its \u201cfinal mandate\u201d within seven calendar days.<\/p>\n “The Grayscale team remains operationally ready to convert GBTC to an ETF upon the SEC\u2019s approval, and we look forward to sharing more information as soon as practicable,” the company reportedly said.<\/p>\n NEW: Statement from @Grayscale<\/a> on the @SECGov<\/a>\u2019s decision to not seek a rehearing:<\/p>\n \u201cThe Federal Rules of Appellate Procedure\u2019s 45-day period to seek rehearing has now passed. The Court will now issue its final mandate within seven calendar days. The Grayscale team remains\u2026<\/p>\n \u2014 Eleanor Terrett (@EleanorTerrett) October 15, 2023<\/a><\/p><\/blockquote>\n Cointelegraph reached out to Grayscale for comment but did not receive an immediate response.<\/p>\n Collect this article as an NFT<\/a><\/em><\/strong> to preserve this moment in history and show your support for independent journalism in the crypto space.<\/em><\/em><\/p>\n Magazine: <\/em><\/strong>How to protect your crypto in a volatile market \u2014 Bitcoin OGs and experts weigh in<\/em><\/strong><\/a><\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-10\/efd20c20-9ab4-4260-a19d-4e87b3bd7ce7.png\")
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