The Grayscale Bitcoin Trust (GBTC), which has long traded at a steep discount to its net asset value, has risen sharply since Thursday.
BlackRock's new push into the battle for a bitcoin ETF appears to be giving a boost to one of its potential rivals in the space and creating an arbitrage play for opportunistic traders. The Grayscale Bitcoin Trust , which has long traded at a steep discount to its net asset value, rose 12.8% on Friday after BlackRock filed to launch a spot bitcoin ETF. The Grayscale fund continued to surge on Tuesday, adding about 14%.
mountain The Grayscale Bitcoin Trust has rallied more than bitcoin in recent days. Grayscale does not offer a redemption mechanism for GBTC, which would help close the discount gap, but it would with an ETF. If the GBTC were to be converted into an ETF, buying it at a discount now would allow a trader to capture additional upside if the price of bitcoin rises.
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