GBTC discount widens to highest point in 2023 News ▸ Grayscale ▸ Bitcoin ▸ Investments
GBTC discount widens to highest point in 2023
GBTC's discount has widened to over 47% following the struggles of its parent company, Digital Currency Group (DCG).
1 min read
Updated: Feb. 15, 2023 at 8:20 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Grayscale Bitcoin Trust (GBTC) is trading at a discount of 47.35% to the underlying assets’ net asset value (NAV) as of Feb. 15 — a record low for the current year.
GBTC shares are trading for $10.85 after increasing by 4.43% in the last 24 hours, according to ycharts data.
Earlier in the year, the discount had closed to around 38.55% after community-led efforts to redeem the shares.
However, the discount began to widen again following the struggles of its parent company Digital Currency Group (DCG).
DCG’s trouble stems from the financial problems at one of its subsidiaries — Genesis — which filed for bankruptcy on Jan. 19.
The crypto lender’s bankruptcy brought increased fears about the financial health of DCG and how it could impact Grayscale.
Since then, DCG has been trying to raise funds by selling some of its assets. The asset management firm sold $22 million of its shares in Grayscale’s Ethereum (ETH) fund. The company is also looking to offload its news outlet CoinDesk.
Meanwhile, other Grayscale cryptocurrency trusts are trading at higher discounts against NAV. Grayscale Ethereum Trust is at a 52.80% discount while Grayscale Ethereum Classic Trust is at a 68.13% discount, according to ycharts data.w
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Ethereum
$3,700.27
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
Digital Currency Group
Digital Currency Group’s mission is to accelerate the development of a better financial system.
Genesis
Genesis is an institutional digital asset markets and a full-service digital currency prime brokerage providing a single point of access for select qualified individuals and global institutional investors.
CoinDesk
CoinDesk was founded by Shakil Khan as an integrated platform for media, events, data & indices for the next generation of investing and the future of money.