Grayscale’s Bitcoin investment vehicle, Grayscale Bitcoin Trust (GBTC) is trading at its lowest discount in nearly two years, as spot Bitcoin ETFs continue to inch toward potential approval in the United States.

The latest data from YCharts shows GBTC’s discount to Bitcoin net asset value (NAV) has narrowed to 15.87% as of Oct. 13.

Discount to net asset value (NAV) is a percentage that measures the amount that a mutual fund or ETF is trading below its net asset value. The metric is used to track how far away a security is trading away from its true value.

Data shows that GBTC’s discount began to narrow when BlackRock and several other financial institutions filed spot Bitcoin ETF applications in mid-June, where the discount fell from 44% on June 15 to 26.7% by July 5. Since then, the figure has continued to narrow.

GBTC’s Discount to NAV chart over the last 12 months. Source: YCharts

The last time GBTC’s discount was at a similar level was in early December 2021 — only a month after BTC hit its all-time high price of $69,000 on Nov. 10, according to CoinGecko.

Bitcoin advocate Oliver Velez believes the market is pricing in spot Bitcoin ETF approval by year's end.

Other analysts, such as cryptocurrency investor Lyle Pratt believe GBTC’s discount will continue to “evaporate” over the next week or two as spot Bitcoin ETFs near approval.

THE GBTC DISCOUNT HAS NARROWED TO 16% AS THE MARKET BETS ON A BITCOIN SPOT ETF APPROVAL.

Grayscale's Bitcoin Trust, commonly known as GBTC, has experienced notable changes in its market dynamics. At the start of this year, GBTC was trading at a significant discount of 48.31%… pic.twitter.com/2nWLmvnewb

— The Wolf Of All Streets (@scottmelker) October 13, 2023

Reports emerged that the SEC wouldn’t appeal the Grayscale decision on Oct. 13, leading to Bloomberg ETF analyst James Seyffart referring  to spot Bitcoin ETF approvals as a “done deal” in an Oct. 13 post.

Related: ETF filings changed the Bitcoin narrative overnight — Ledger CEO

On Oct. 15, Grayscale reportedly delivered a statement noting that the SEC’s 45-day period to seek a rehearing had passed, meaning the court would issue its “final mandate” within seven calendar days.

"The Grayscale team remains operationally ready to convert GBTC to an ETF upon the SEC’s approval, and we look forward to sharing more information as soon as practicable," the company reportedly said.

NEW: Statement from @Grayscale on the @SECGov ’s decision to not seek a rehearing:

“The Federal Rules of Appellate Procedure’s 45-day period to seek rehearing has now passed. The Court will now issue its final mandate within seven calendar days. The Grayscale team remains…

— Eleanor Terrett (@EleanorTerrett) October 15, 2023

Cointelegraph reached out to Grayscale for comment but did not receive an immediate response.

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