Grayscale’s Bitcoin Trust (GBTC), the world’s largest publicly traded bitcoin fund, has seen its discount widen to near record highs.
GBTC’s discount to net asset value (NAV) reached its lowest level since Dec. 29 on Monday, according to data from TradeBlock. This comes as the Financial Times reported last week that Digital Currency Group (DCG) started selling holdings in several investment vehicles run by Grayscale at a steep discount, according to U.S. securities filings.
The discount has been widening since the report was published on Feb. 7, when the discount was at 43%.
The shares are currently trading at a 47% discount to NAV, the widest discount since late December 2022, when the discount hit a record 49%. The discount initially plummeted after news of Genesis’ and DCG’s exposure to disgraced crypto exchange FTX.
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