Business - Brazil Markets

Cryptocurrencies soar after Grayscale ETF win

By The Rio Times · August 29, 2023 · 1 min read

Cryptocurrencies soar after Grayscale ETF win – The failure to block a Bitcoin ETF led to considerable gains across the crypto space, including a US$2 billion surge in Grayscale Investments’ Bitcoin fund, GBTC.

This resulted in a decrease of its discount relative to its underlying Bitcoin holdings to less than 17%, a significant decrease from over 45% at the beginning of the year.

The surge reflected bets that adopting an ETF structure would eliminate the significant discount to the Bitcoin it holds, causing tension among crypto investors.

James Seyffart, a Bloomberg Intelligence analyst, said the victory was huge for cryptocurrency ETFs and Grayscale but did not guarantee immediate GBTC conversion into an ETF.

Other cryptocurrencies, Coinbase Global Inc., Riot Platforms Inc., and MicroStrategy Inc. also saw increases.

Industry observers are deciphering the timeline for GBTC conversion into an ETF and what it means for other issuers with pending spot Bitcoin fund applications.

Roxanna Islam, associate director of research at VettaFi, said the SEC will likely approve Grayscale’s spot ETF and other pending submissions.

Analysts Owen Lau and Shiliang Tang expressed optimism but cautioned against premature market reactions.

BlackRock Inc. initiated the race for spot Bitcoin ETFs, and the SEC is expected to respond to several applications before Labor Day weekend.

Riyad Carey, a research analyst at Kaiko, said the ruling led to speculation of a wave of spot BTC ETFs approval, potentially boosting volumes across all crypto markets.

Live Market IntelligenceBrazil — Live Market BoardInside: market breadth, the sector heatmap, currencies & rates, the Latin America scoreboard and the full instrument board.

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Brazil — Live Market Board

B3 · São Paulo
Jul 15, 2026 · 11:51

Ibovespa · benchmark

175,699.79
-0.53%

L 175,638day rangeH 176,663

+30.11% over 12 months

Market breadth · 15 names

27% advancing

4 ▲ advancing11 declining ▼

Currencies, rates & key inputs

USD / BRL

5.07

+0.06%

EUR / BRL

5.81

-0.82%

Selic rate

14.25%

·

Brent crude

84.18

-0.65%

Iron ore

161.91

·

Sector heatmap · average move today

Materials

+1.26%

SUZB3

Financials

+0.12%

ITUB4, BBDC4, BBAS3, B3SA3

Mining

+0.06%

VALE3, CSNA3, GGBR4

Consumer Disc.

-0.27%

AZZA3

Energy

-0.53%

PETR4, PRIO3

Utilities

-0.63%

ENEV3

Industrials

-0.80%

WEGE3, RENT3

Consumer Staples

-0.82%

ABEV3

Latin America scoreboard

IndexLastTodayStrength

IbovespaBrazil
175,699.79
-0.53%

S&P/BMV IPCMexico
66,529.27
+0.85%

S&P IPSAChile
11,036.77
+0.11%

S&P MERVALArgentina
3,251,266
+0.68%

MSCI COLCAPColombia
2,294.60
-0.18%

BVL S&P PerúPeru
57,174.37
—

Full instrument board

Instrument	Last	Change	YoY	Prev.	High	Low	Volume
IBOV	175,699.79	-0.53%	+30.11%	176,641.10	176,663	175,638	—
USD/BRL	5.07	+0.06%	-9.16%	5.07	5.08	5.06	—
SELIC	14.25%		—	—	—	—	—
PETR4	40.50	-0.39%	+26.85%	40.66	40.80	40.35	4,852,600
VALE3	74.27	+0.35%	+37.75%	74.01	74.85	73.95	4,429,300
ITUB4	43.21	-0.96%	+27.15%	43.63	43.62	43.10	2,579,500
BBDC4	18.54	-0.48%	+15.16%	18.63	18.68	18.48	3,987,900
BBAS3	20.50	-0.44%	-1.72%	20.59	20.60	20.43	2,442,200
B3SA3	15.69	+2.35%	+14.79%	15.33	15.72	15.42	9,929,300
ABEV3	15.68	-0.82%	+18.09%	15.81	15.69	15.35	7,661,700
WEGE3	43.65	-1.24%	+10.03%	44.20	44.21	43.21	1,755,200
PRIO3	57.19	-0.66%	+35.78%	57.57	57.50	57.01	1,043,600
SUZB3	41.63	+1.26%	-17.66%	41.11	41.93	40.77	1,164,600
RENT3	40.40	-0.35%	+9.67%	40.54	40.64	40.25	579,500
AZZA3	18.80	-0.27%	-48.04%	18.85	18.91	18.58	247,600
CSNA3	5.12	-1.54%	-36.51%	5.20	5.22	5.10	3,338,700
GGBR4	23.64	+1.37%	+43.53%	23.32	23.72	23.09	1,826,100
ENEV3	27.00	-0.63%	+100.52%	27.17	27.35	26.83	1,842,500

Largest moves today

B3SA3
15.69
+2.35%

CSNA3
5.12
-1.54%

GGBR4
23.64
+1.37%

SUZB3
41.63
+1.26%

WEGE3
43.65
-1.24%

ITUB4
43.21
-0.96%

ABEV3
15.68
-0.82%

PRIO3
57.19
-0.66%

The session read

The Ibovespa eased 0.53%, with breadth negative — 4 of 15 names higher. Materials led, while Consumer Staples lagged.

From The Rio Times

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