Last year Grayscale applied to the U.S. Securities and Exchange Commission (SEC) to convert GBTC into a spot exchange-traded fund. Many analysts are skeptical the SEC will approve the conversion anytime soon, though some traders have bought GBTC as a way of betting on the prospect of the SEC’s nod; in that sense, a wider discount signals dimming optimism for such an approval.
Source: https://www.coindesk.com/markets/2022/05/13/grayscale-bitcoin-trust-discount-widens-to-all-time-low-of-3079/?utm_medium=referral&utm_source=rss&utm_campaign=headlines