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GBTC Share Price Soars, Discount Narrows to Multi-Month Low on BlackRock ETF Filing Optimism

Grayscale Bitcoin Trust’s (GBTC) share price continued to soar on Tuesday morning amid optimism about converting the fund into an exchange-traded fund (ETF) after investment management firm BlackRock filed for a spot bitcoin (BTC) ETF. The price of GBTC shares on secondary markets rose past $16 for the first time since May 10, according to TradingView data. It is currently trading at around $15.9, gaining some 24% since Thursday, the day of BlackRock's filing. The discount on GBTC’s share price relative to net asset value narrowed to as low as 33% during the morning, according to CoinDesk’s calculation.

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