A Year of Growth for Grayscale: GBTC sees 96% surge

exchange68September 12, 2024

0 3 1 minute read

The recent announcement of BlackRock’s intention to launch a spot Exchange-Traded Fund (ETF) has stirred up debate among cryptocurrency enthusiasts.

Previously in March, Grayscale had expressed apprehension regarding the transformation of GBTC into an ETF. The firm’s attempt to establish its own ETF was unsuccessful, leading to a pending decision by Washington D.C. officials regarding Grayscale’s standing with the Securities and Exchange Commission (SEC). According to K33 Research, this decision is expected between June and November.

In terms of performance, GBTC has seen a substantial increase of 96% in value since the beginning of the year, with the discount to its Net Asset Value (NAV) steadily closing in at 37%.

ETF Timeline: (Source: K33) — ETF Timeline: (Source: K33 Research)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.