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Biggest Bitcoin Fund Hits 45% Discount as Parent’s Woes Deepen

  • GBTC trades at record discount relative to underlying Bitcoin
  • Traders likely selling due to fears of contagion risk: BI
Cryptocurrencies in the Czech Capital as Traders Assess Stablecoin Fallout
Photographer: Milan Jaros/Bloomberg

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.