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The power of digital currency took center stage on Tuesday as the share value of the Grayscale Bitcoin Trust (GBTC) reached its highest point in 12 months. The surge was fueled by a wave of enthusiasm in the market following reports of Fidelity Investments, a major investment management firm, planning to join the bitcoin exchange-traded fund (ETF) trend alongside BlackRock. This news has instilled renewed hope for GBTC's transformation into an ETF.
Observers in the digital asset world have closely monitored GBTC's share price in relation to its net asset value, which had previously fallen to 30%, according to CoinDesk. Similar fluctuations were observed last September, as historical data provided by Ycharts reveals.
The remarkable surge of GBTC was not an isolated event. It followed a significant climb triggered by BlackRock's ETF application on June 15. The rally gained further momentum as financial giants Invesco and WisdomTree also announced their plans to offer spot BTC ETFs. This snowball effect propelled GBTC to an impressive gain of nearly 50% within two weeks of BlackRock's application. BlackRock is recognized as the world's largest asset manager with $9.1 trillion assets under management (AUM).
Optimistic investors view GBTC favorably due to BlackRock's ETF bid and the hope that Grayscale may be able to transition and eliminate the discount. The ongoing lawsuit between Grayscale and the U.S. Securities and Exchange Commission (SEC), regarding Grayscale's attempt to convert the GBTC fund into an ETF, has also caught the attention of the trading community. If Grayscale emerges victorious, it would pave the way for an ETF listing and the dissolution of the discount, noted Schwenk.
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