The price discount of GrayscaleBTC -2.21%-news/"> 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.
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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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