Grayscale Bitcoin Trust Trades with 45% Discount
GBTC’s discount to net asset value has reached a new ATH of 45.2%. A week after the FTX collapse, the Digital Currency Group and its two subsidiaries, Genesis and Grayscale Investments, are in the spotlight. The rumors over Genesis’ solvency and DCG’s future has led to a decline in the largest institutional Bitcoin investment vehicle, the Grayscale Bitcoin Trust. This situation creates strong pressure on the price of Bitcoin, as Grayscale owns about 3.3% of BTC supply. Recently, Coinbase Custody confirmed GBTC’s holdings without sharing its cold address, which has negatively affected the price.