On Friday, data revealed a notable shift in Grayscale’s Bitcoin Trust, commonly referred to as GBTC, as its discount to net asset value (NAV) contracted to single digits for the first time in 2023. The figures indicate that GBTC’s discount reached 8.06%, a level last observed two years ago.
GBTC Discount to NAV Reaches Single-Digit Territory
Grayscale’s Bitcoin Trust (GBTC) is the largest bitcoin fund in the world and on November 24, 2023, the trust’s total assets under management (AUM) was approximately $23.50 billion. This year, GBTC suffered a significant discount to net asset value (NAV) and in September 2022, the discount widened by more than 35%. A discount or premium to net asset value (NAV) occurs when the market price of a fund’s shares is lower or higher, respectively than its NAV.
The NAV essentially represents the per-share value of the fund’s assets minus its liabilities, calculated daily. When a fund’s shares trade at a discount, it means they are selling fo
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