Grayscale Bitcoin Fund’s Discount Narrows as Court Ruling Nears

Crypto investors appear to be the most optimistic in over a year about the odds of the world’s biggest Bitcoin investment product being allowed to be turned into an exchange-traded fund.

The $18.8 billion Grayscale Bitcoin Trust’s discount to its net-asset value has narrowed to around 25% as of Thursday, as a highly-anticipated court decision on Grayscale Investment’s bid to convert it into an ETF nears. The difference is the least since May 2022.

The trust has effectively operated as a closed-end fund that didn’t redeem shares, which left the trust trading at discounts of more than 40% to …