Grayscale’s Bitcoin Price Falls to $12,000 – Trustnodes

The bitcoin price at Grayscale’s stock traded trust, GBTC, has fallen to $12,000 per BTC, far lower than the global market rate of $19,000.

The discount has now widened to 34% amid a market rout while the trust looks to become a freely traded ETF.

The crypto friendly SEC commissioner Hester Peirce made the argument for an approval of Grayscale’s bitcoin spot ETF application on Tuesday, stating:

“It is time for the Commission to stop denying categorically spot crypto exchange-traded products.”

Whether SEC’s chair Gary Gensler will listen remains to be seen with a deadline of July 6th for a rejection or letting it pass.

“The entire Grayscale team is reading this,” said Craig Salm, Chief Legal Officer at Grayscale, while referring to Hester’s speech, adding:

“This speech precisely delineates why our team is working to convert GBTC to a spot bitcoin ETF – told from the perspective of a top regulator that actively engages with the crypto industry.”

An approval of Grayscale’s bitcoin ETF, which arguably has the right to first debut since they’re the biggest of its kind, would erase the discount because then you can arbitrage.

Currently if you mint…

Read more at www.trustnodes.com

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