Grayscale Bitcoin Trust (GBTC) shares are selling at a record discount of 42.69% to the underlying asset’s value following FTX’s implosion and fears of market contagion.
According to Ycharts data, GBTC shares are trading for $8.75 as of press time, which represents a 74% decline on the year-to-date metric and an 84% drop since Bitcoin peaked at over $69,000 in 2021. For context, BTC itself is only down 74% from this all-time high.
Ycharts data showed that the value of assets under its management peaked at $43.58 billion in November 2021 but is now around $10.49 billion as of press time. The institutional Bitcoin fund holds roughly 3.5% of all BTC in circulation.
Today the #Grayscale Bitcoin Trust traded at a 43% discount to its NAV. With #Bitcoin trading at $16,700, shareholders of $GBTC were willing to sell their Bitcoin for the equivalent of $9,500. What does that tell you about retail and institutional investor confidence in Bitcoin?
— Peter Schiff (@PeterSchiff) November 17,
We współpracy z: https://cryptoslate.com/community-fears-ftx-implosion-might-affect-grayscale/
