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Biggest Bitcoin Fund Sinks Near 30% Discount in Crypto Rout

  • GBTC sinks to record low relative to its underlying Bitcoin
  • Trust is now a ‘binary bet’ on physical ETF approval: Donnelly
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One of the biggest casualties of the cryptocurrency selloff is the Grayscale Bitcoin Trust. 

The $27 billion fund (ticker GBTC) has plunged nearly 17% so far in 2022, outpacing Bitcoin’s nearly 9% decline. As a result, GBTC’s price closed 26.5% below the value of the Bitcoin it holds on Tuesday, widening GBTC’s so-called discount to record levels, according to Bloomberg data.