Cascading crypto blowups have only exacerbated problems for Grayscale’s $10.5 billion Bitcoin fund.
The Grayscale Bitcoin Trust (ticker GBTC) closed a record 45% below the value of its underlying coins on Friday, according to Bloomberg data. The shares fell another 5% on Monday. The dislocation has widened dramatically in recent weeks as GBTC -- which can’t redeem shares to shift with cooling demand as traditional ETFs do -- has fallen to a greater degree than Bitcoin itself.