Cryptocurrency

GBTC discount widens to highest point in 2023

Grayscale Bitcoin Trust (GBTC) 47.35% discount Up to the net asset value (NAV) of the underlying assets as of 15th February – record lows for the year.

GBTC shares are trading at $10.85 after gaining 4.43% over the past 24 hours, according to ycharts. data.

Earlier this year, the discount reached approximately 38.55% after a community-led stock redemption effort.

However, discounts started to widen again after struggling parent company Digital Currency Group (DCG).

DCG’s troubles stem from the financial troubles of one of its subsidiaries, Genesis, which filed for bankruptcy on January 19.

The bankruptcy of a cryptocurrency lender has raised concerns about DCG’s financial health and its impact on Grayscale.

Since then, DCG has sought to raise funds by selling some of its assets. An asset manager has sold $22 million in shares in Grayscale’s Ethereum (ETH) fund. The company is also looking to take the burden off his CoinDesk, a news outlet.

On the other hand, other Grayscale cryptocurrency trusts trade at higher discounts to NAV. According to ycharts data, Grayscale Ethereum Trust has a discount of 52.80% and Grayscale Ethereum Classic Trust has a discount of 68.13%.

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