So that's why.

https://www.cnbc.com/2023/08/29/bitcoin-rallies-more-than-5percent-as-court-sides-with-grayscale-over-the-sec-in-crypto-etf-case.html

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Surely that all but guarantees the blackrock ETF approval

Grayscale need the conversion that discount to NAV is nuts

So the cheapest bitcoin could be GBTC, until it returns to NAV?