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?