Cryptocurrencies
Largest Bitcoin Fund Dives to Record Discount Amid Crypto Swoon
- Grayscale’s GBTC sinks 19% below net asset value of holdings
- Trust traded at a premium during most of the Bitcoin boom
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It keeps getting worse for holders of the Grayscale Bitcoin Trust, which is now trading at a record discount to the value of the digital assets it holds.
The $35 billion fund (ticker GBTC) has lost roughly a fifth of its value since last Friday while Bitcoin tumbled from record highs. That’s helped to widen the difference between the share price and the underlying value of the Bitcoin holdings to roughly negative 19% as of Thursday’s closing prices, according to data compiled by Bloomberg.