Grayscale's $GBTC discount has narrowed to 42%, its lowest level in a month ahead of its oral argument ETF hearing on Tuesday. LedesmaLyllah reports
GBTC has been trading at a mostly steadily widening discount to NAV for nearly two years, but some investors are hopeful that the discount will continue its recent narrowing should the courts be receptive to Grayscale's ETF arguments.
“There are many investors waiting for the green light from the SEC to convert GBTC into an ETF because it will narrow the current gap,” GenTwo analyst Pablo Jodar told CoinDesk. . Jodar added that he is seeing some investors buying GBTC ahead of the hearing on Tuesday. “There are investors buying GBTC now to play the positive scenario from the lawsuit,” Jodar said, noting that it's the equivalent of buying bitcoin at a discount to its current price. “However, it is a risky bet for sure,” he added..
Laurent Kssis, a crypto trading adviser at CEC Capital, said that with GBTC trading at such a discount it makes sense to hold some of the shares, however, traders must be brave if bitcoin’s price continues to slide. Kssis said that he is not hearing of investors buying more GBTC shares today ahead of tomorrow’s hearing, but he is seeing most investors hedging against a possible drop in bitcoin’s price.
“We are seeing the market put this into practice already as GBTC is up approximately 3% against BTC this morning,” said Farrell. “While far from a certainty, it is our view that the market is underpricing the likelihood of a Grayscale victory.”
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