Grayscale Bitcoin Trust Gets a Bullish Bump After BlackRock ETF Filing

Grayscale Bitcoin Trust (GBTC) jumps more than 12%

The Grayscale Bitcoin Trust (GBTC) jumped more than 12% on Friday in reaction to BlackRock filing its Bitcoin ETF application. The move was seen as a sign of growing institutional interest in Bitcoin, and it helped to narrow the discount between GBTC’s share price and the underlying value of the Bitcoin it holds.

BlackRock files for Bitcoin ETF

Investment management giant BlackRock filed for a spot Bitcoin ETF on Thursday. The application lists Coinbase Custody as the custodian for assets and pricing data. If approved, it would be the first product of its kind in the U.S. While the SEC has previously approved Bitcoin futures ETFs, it has denied multiple spot ETF applications for the coin.

Discount on GBTC share price narrows

The discount on the Grayscale Bitcoin Trust (GBTC) share price to net asset value narrowed Friday, dropping to a near one-month low a day after BlackRock filed for a spot Bitcoin ETF. The discount narrowed to 16.8% from 20.5% on Thursday.

The narrowing of the discount is a sign that investors are becoming more confident in the future of Bitcoin, and that they believe that a spot Bitcoin ETF is likely to be approved by the SEC.

What does this mean for the future of Bitcoin?

The filing by BlackRock is a major development for the Bitcoin market, and it is likely to have a significant impact on the future of the cryptocurrency. If the SEC approves the application, it would open up the Bitcoin market to a much wider range of investors, and it could help drive the price of Bitcoin even higher.

However, even if the SEC does not approve the application, the filing by BlackRock is still a positive sign for the Bitcoin market. It shows that institutional investors are taking Bitcoin seriously, and it is likely to lead to more investment in the cryptocurrency. The future of Bitcoin is still uncertain, but the filing by BlackRock is a major step forward. It is a sign that cryptocurrency is becoming more mainstream, and it is likely to have a positive impact on the price of Bitcoin in the long term.