First Mover Americas: GBTC Discount Continues to Narrow; Reddit’s Crypto Tokens Plummet

The for Grayscale’s Bitcoin Fund (GBTC), the world’s largest bitcoin investment vehicle, on Tuesday on optimism a bitcoin spot exchange-traded fund (ETF) might be on its way in the U.S. The gap between GBTC shares and the trust’s net asset value (NAV) shrank to 12%, the closest they have traded to NAV since December 2021, according to data from TradingView. GBTC has traded at a discount since February 2021 and reached a record low of nearly 50% in December last year during the prolonged crypto winter. The company said on...