Shares of the Grayscale Bitcoin Trust (GBTC) are nearing parity with the price of Bitcoin after trading at a discount for the past two years. This increase in value is a result of market confidence in Grayscale’s efforts to convert the fund into a Bitcoin spot ETF. The discount between GBTC’s shares and the total value of Bitcoin held by the trust has shrunk to 7.5% as of Friday. This reduction is likely due to updated filings and meetings with the Securities and Exchange Commission (SEC) regarding ETF applications. The SEC meetings focused on how fund managers would redeem shares for Bitcoin without directly touching the cryptocurrency. The increased engagement from the SEC has boosted investor confidence in the approval of a Bitcoin spot ETF, which would attract institutional flows into Bitcoin and restore the value of GBTC shares. Early GBTC investors stand to benefit from the upside of both assets if they invest in the fund prior to its conversion. Analysts believe there is a 90% chance of a Bitcoin spot ETF being approved by January 10.