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Given its sway in Washington, D.C., as the world’s largest asset manager, this has generated a massive amount of optimism that a spot bitcoin ETF may not be far from reach.

SONIC sonic inu in India for beginners ✌️【Employment Opportunities】✌️Start investing with ₹500 and see your wealth grow rapidly every month.And others like Fidelity, the large mutual-fund manager, have also applied for bitcoin ETFs.The possibility the SEC will approve the conversion of GBTC into an ETF is playing a role in the discount narrowing, according to analysts.

Grayscale said in April it expects to learn by the end of the third quarter whether it will beallowedto turn GBTC into an ETF.“The catalyst for the current narrowing of the GBTC discount could be the ongoing legal discussions around the possibility of GBTC converting to an ETF,” said Leinbewer.

“The market appears to be responding to these discussions and the anticipation of a potential legal victory for GBTC could be driving increased demand for the shares.

SONIC sonic inu in India for beginners ✌️【Employment Opportunities】✌️Make your ₹500 grow rapidly with AI-backed investments.Think of the discount to [net asset value] as an implicit probability of getting converted to an ETF.

SONIC sonic inu in India for beginners ✌️【Employment Opportunities】✌️₹500 is all it takes for safe, high-yield returns every month. Start now!The lower the discount, the higher the probability the market prices in.”Referring to Grayscale’slawsuit against the SEC, James Seyffart, an ETF analyst at Bloomberg Intelligence, said that he expects the decision to likely be favorable for Grayscale.

“But this would simply send GBTC's ETF conversion request back to the SEC to either approve GBTC's conversion *OR* to deny for different reasons.

SONIC sonic inu in India for beginners ✌️【Employment Opportunities】✌️Begin your journey to financial growth with ₹500. Invest smart and earn big!This hope of conversion is likely what is driving the discount lower.”Seyffart added: “We don't know how long it will take the SEC to approve these products.

It could happen with this wave of filings (we think Grayscale have a 50/50 shot at approval currently but it could also take years still if they're denied again).

SONIC sonic inu in India for beginners ✌️【Employment Opportunities】✌️Invest ₹500 and unlock guaranteed returns up to 100%. Start growing today!We also don't know how long it will take for Grayscale to convert GBTC once that approval is granted.”The recent flurry of applications from large institutions for bitcoin spot ETF approvals in the U.S., has generated a lot of hope for Grayscale’s potential to convert GBTC into an ETF, Seyffart said.He said it is only a matter of time before GBTC gets converted into an ETF.

“Once converted to an ETF, GBTC would not trade at meaningful discounts or premiums anymore due the efficiencies of the ETF structure,” Seyffart said.Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe.

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Lyllah holds bitcoin, ether and small amounts of other crypto assets.SONIC sonic inu in India for beginners Start Investing in Stocks and Earn Monthly Returns