The Discount of Grayscale’s BTC Trust Exceeds 30%

Grayscale Investments’ Bitcoin trust (GBTC) quotes fell yesterday by 30.79% relative to net asset value (NAV), according to data from yCharts.

Grayscale claims that the assets of the GBTC are valued at $18.3 billion.

As reported, the formation of a NAV has happened due to the delay in the approval of the application for the conversion of the BTC trust into an exchange-traded fund (ETF), which according to the company CEO Michael Sonnenschein is a priority task.

The company unveiled its plans to turn its GBTC into an ETF last month. In the ETF, the underlying asset is the cryptocurrency itself, and not Bitcoin futures.

The SEC delayed in February its decision on the Grayscale application until July 6.