Dilution-proof
Grayscale Premium hitting new lows
Grayscale Bitcoin Trust shares, which represent Grayscale-held Bitcoin, are now worth 26% less than actual Bitcoin. Investors that hold these GBTC shares are likely speculating on the premium returning to neutral again at some point - for instance if Grayscale's filing to convert their trust into a spot Bitcoin ETF gets accepted. The latter is supposedly being reviewed by the Securities and Exchange Commission (SEC) on February 6th. More info on Grayscale's spot ETF filing: https://grayscale.com/unpacking-the-news-a-new-argument-for-a-bitcoin-etf/