The Grayscale Bitcoin Trust (GBTC), a popular way for investors to get exposure to Bitcoin in the form of shares, has now had a negative premium for an entire month. This means the price of each share remains below the corresponding amount of Bitcoin it represents.
This negative premium is new terrain for Grayscale’s institutional investors. In the past, those wealthy investors have purchased shares in the trust in order to engage in a form of arbitrage, flipping them to retail investors at a profit months later once a regulatory “lock-up period” expired.
The Grayscale premium has turned negative. Image: CryptoQuant.
Now, the negative premium appears to be the cause of a recent collapse of inflows into the GBTC. As Bitcoin lending firm BlockFi CEO Zac Prince told the What Bitcoin Did podcast, one would have to be a “complete moron to subscribe to create new shares of GBTC while the liquid shares are trading at a discount.” He suggested investors might as well buy the shares o
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