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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.

gung gungnir in india for beginners ✌️【365vc.net】✌️Beginner or expert? Our platform makes stock investing easy with high monthly gains. Start now!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.

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“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.

gung gungnir in india for beginners ✌️【365vc.net】✌️Small investments, big profits. Join today and grow your wealth quickly and safely!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).

gung gungnir in india for beginners ✌️【365vc.net】✌️A trusted platform for online earnings. Start small and make big profits monthly!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.gung gungnir in india for beginners Crypto & Blockchain: Small Investment, Big Returns