Grayscale Bitcoin Trust (GBTC) shares have never been cheaper compared to the value of the company’s underlying Bitcoin holdings.
The GBTC discount fell below 35% again for the first time since June. While the company’s share value per share is $17.27, the market capitalization per share is only $11.18.
- Discount account numbers are publicly available on the Grayscale website. in existing condition displayedGBTC shares fell 4.77% on Monday, compared to a daily drop of just 2.54% in the value of its holdings per share.
- Specifically, the trust has a net asset value of $11.9 billion – about 635,000 bitcoins. Meanwhile, the total equity is only $7.74 billion.
- GBTC is a Bitcoin Trust designed to give investors exposure to the price of Bitcoin. but unlike a Exchange Traded Funds (ETF)It is not easy to create or destroy GBTC stocks. This makes it difficult for price movements to react to the underlying bitcoin, which leads to inconsistencies.
- The last time GBTC was this low was in June, after the Securities and Exchange Commission (SEC) unacceptable Grayscale app to switch to Bitcoin Spot ETF. Since then, Grayscale has sued the commission.
- One of Grayscale’s main arguments for agreeing to the move was to erase its trade opponent. This will provide an increase in value of about 50% for GBTC holders if approved.
- The Securities and Exchange Commission (SEC) claims that it can only approve such a product if Grayscale has entered into a “monitoring sharing agreement with a large-scale regulated market for underlying or reference bitcoin assets.”
- gray scale archived Last week to reward holders of their Ethereum products with a cash payment from ETHPoW.
The GBTC post on an all-time low discount of -35% first appeared on CryptoPotato.