BlackRock Inc.’s surprise application for a spot-Bitcoin exchange-traded fund has a silver lining for Grayscale Investments LLC.
The $16.9 billion Grayscale Bitcoin Trust (ticker GBTC) has outperformed the cryptocurrency itself in the days since the world’s largest ETF issuer applied for the iShares Bitcoin Trust last week. As a result, GBTC’s discount to its underlying Bitcoin holdings has narrowed to about 37%, versus 44% a week ago.
