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World’s Biggest Crypto Fund Hits Record 42% Discount to Value of Bitcoin It Holds

  • GBTC price continues to plunge below value of underlying coins
  • Meanwhile, futures ETF has tightly tracked Bitcoin’s descent
Bloomberg business news
Here's What Investors Are Saying About FTX's Implosion

Problems are multiplying for the world’s biggest crypto fund as chaos engulfs the industry in the wake of exchange FTX’s shock bankruptcy filing.

The $11.4 billion Grayscale Bitcoin Trust (ticker GBTC) has plunged more than 74% this year, outpacing the cryptocurrency’s 64% decline. That gap has widened dramatically over the past week, dragging the price of GBTC to an unprecedented 42% discount to the value of the Bitcoin it holds, according to Bloomberg data.