Grayscale (whose parent company Digital Currency Group also owns CoinDesk) has applied to convert the GBTC into an exchange-traded fund, or ETF. And for months, some traders have been monitoring the discount as a proxy for the likelihood of winning approval. According to the market logic, the GBTC would trade at par with the underlying bitcoin in the fund if the conversion goes forward; in other words, the discount would evaporate.
Source: https://www.coindesk.com/markets/2022/06/24/grayscale-bitcoin-trusts-gbtc-discount-narrows-with-etf-decision-on-horizon/?utm_medium=referral&utm_source=rss&utm_campaign=headlines