The price discount of Grayscale Bitcoin Trust (GBTC), the world’s largest bitcoin fund, to the price of bitcoin hit a record high of nearly 50%. GBTC is a way for investors to gain exposure to Bitcoin through traditional investment vehicles.
According to data from crypto index provider TradeBlock, GBTC is currently trading at a 47.3% discount. The pessimism surrounding the trust has deepened over the past few weeks amid concerns that Genesis Global Trading, a crypto trading firm owned by Grayscale parent DCG, could file for bankruptcy.
Since March 2021, GBTC price has been lower than Bitcoin price. Before that, the trust benefited from strong institutional demand and was trading at a double-digit premium to net asset value.
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