Grayscale Bitcoin Trust rises on BlackRock ETF filing.

Bitcoin plans by BlackRock have caused a rally in the institutional BTC investment vehicle known as the Grayscale Bitcoin Trust (GBTC). According to monitoring resource CoinGlass, on June 17th, the GBTC almost hit new 2023 highs. This comes as news emerged that BlackRock, the world’s largest asset manager, had filed to launch a Bitcoin spot price exchange-traded fund (ETF), although this is still not allowed in the United States. However, GBTC, which has been trading at a major discount to BTC spot, is currently at a negative “premium” of -36.6%, trading closer to zero than at almost any time this year. If the Blackrock ETF does get approved, this will be a winner for GBTC, as it will show the path to conversion, and the 40%+ discount will resolve on top of industry growth. BlackRock’s offering has “good odds” of getting U.S. regulatory approval, according to Adam Cochran, a partner at venture capital firm Cinneamhain Ventures. Meanwhile, investor interest in GBTC is rising, with hedge fund North Rock Digital accumulating more of the grayscale trusts.

Magazine: The edition of Hodler’s Digest from June 11-17 includes news about Gary Gensler’s job being at risk, BlackRock’s first Bitcoin ETF, and more.

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