Grayscale Bitcoin Trust Shares Rally to a One-Year High, Discount Dips to 30%

Grayscale Bitcoin Trust’s (GBTC) share price surged to a one-year high on Tuesday as a report about investment asset manager Fidelity Investments preparing to follow BlackRock’s application for a spot bitcoin (BTC) exchange-traded fund (ETF) with its own, renewed optimism about converting the trust into an ETF. GBTC closed at $19.47 Tuesday afternoon, gaining 7.1% through the day. This was the highest closing price since last June. The discount on the GBTC’s share price relative to its net asset value – a widely followed metric in the digital asset space – dropped to 30%, according to a CoinDesk calculation.

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