At the center of the Grayscale-SEC drama is Grayscale Bitcoin Trust (GBTC) – the world’s largest Bitcoin fund – which has for two years been trading at a steep discount to the crypto-asset it holds. This has caused much pain in the market.

But on the days leading up to the much-anticipated fight, the GBTC discount to net asset value has slightly narrowed to 42%

According to data from YCharts, the GBTC discount has been slightly reduced to 42.11%. The figure hit 47.35% on February 13th. The narrowing could potentially reflect the investor mindset of the lawsuit ending in Grayscale’s favor.

The company filed to convert GBTC into an exchange-traded fund (ETF) with the SEC in October 2021. The regulator has approved multiple futures-backed crypto products but repeatedly dismissed spot ones.