Cryptocurrencies
Grayscale’s Bitcoin Fund Hits Record Discount After SEC Meeting
- GBTC shares are trading 31% below value of underlying Bitcoin
- Grayscale met with SEC last week to discuss ETF conversion
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The world’s biggest crypto fund is trading at its biggest discount to Bitcoin ever as Grayscale Investment LLC pushes to convert it into an exchange-traded fund.
The $18.3 billion Grayscale Bitcoin Trust (ticker GBTC) has plunged over 41% so far this year, outpacing the cryptocurrency’s 34% decline. As a result, GBTC’s price closed almost 31% below the below of the Bitcoin it holds on Tuesday, a record discount, according to Bloomberg data.