Grayscale Bitcoin Trust (GBTC) is trading at a record-low discount of 49.20% to the underlying assets’ net asset value (NAV), as of Dec. 8.
Source: Tradingview
According to ycharts data, GBTC shares are trading for $8.11 at a discount of 47.27%.
GBTC’s discount raises crypto community concern
The crypto community has become increasingly concerned with GBTC’s record discount trades.
Speculations emerged around the product when its sister company Genesis halted withdrawals for customers’ citing FTX’s implosion. Reports later revealed that their parent company Digital Currency Group had debt amounting to roughly $2 billion — with the majority owed to Genesis.
Lumida Wealth CEO Ram Ahluwalia claimed that DCG likely used its GBTC’s holding as collateral for its loan with the crypto lender.
4/ We’ll focus here on Loan #1 – (‘GBTC Loan’) – DCG pledged its GBTC holdings to borrow $575 MM from subsidiary Genesis Lending. We don’t know the timing.
DCG purchased $778 MM of GBTC
We współpracy z: https://cryptoslate.com/grayscales-gbtc-discount-nears-50-as-community-concerns-rises/
