Biggest Bitcoin Fund Sinks Near 30% Discount in Crypto Rout
- GBTC sinks to record low relative to its underlying Bitcoin
- Trust is now a ‘binary bet’ on physical ETF approval: Donnelly
By Katherine Greifeld19 January 2022, 6:50 pm GMT+5Updated on19 January 2022, 7:32 pm GMT+5
One of the biggest casualties of the cryptocurrency selloff is the Grayscale Bitcoin Trust.
The $27 billion fund (ticker GBTC) has plunged nearly 17% so far in 2022, outpacing Bitcoin’s nearly 9% decline. As a result, GBTC’s price closed 26.5% below the value of the Bitcoin it holds on Tuesday, widening GBTC’s so-called discount to record levels, according to Bloomberg data.