On May 12, Grayscale Investments bitcoin trust (GBTC) offerings fell 30.79% by net asset value (NAV). This is evidenced by data from yCharts.

According to the Grayscale website, GBTC assets are worth $18.3 billion at the time of writing.

The reason for the discount to NAV is the delay in approval of the application for conversion of a bitcoin trust into an exchange-traded fund (ETF). Earlier, the company’s president, Michael Sonnenschein, described this task as a top priority.

The company’s plans to convert GBTC to ETF became known in April. It was about an exchange-traded fund whose underlying asset was the cryptocurrency itself, and not a futures for it.

In February 2022, the U.S. Securities and Exchange Commission (SEC) delayed a decision on Grayscale documents to July 6. So far, the regulator has not approved any applications to launch a spot bitcoin ETF, but has allowed exchange-traded funds based on futures for the first cryptocurrency from VanEck, Valkyrie Investments, and ProShares.

Grayscale Investments announced that it is ready to sue the ministry in case of refusal. The firm also told the SEC that approval of Teucrium’s Bitcoin futures ETF was the basis for a similar decision in its filing.

As a reminder, most of the financial advisors surveyed by the Nasdaq approved investments in a spot crypto ETF.