Cryptocurrencies
World’s Biggest Crypto Fund Hits Record 42% Discount to Value of Bitcoin It Holds
- GBTC price continues to plunge below value of underlying coins
- Meanwhile, futures ETF has tightly tracked Bitcoin’s descent
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Problems are multiplying for the world’s biggest crypto fund as chaos engulfs the industry in the wake of exchange FTX’s shock bankruptcy filing.
The $11.4 billion Grayscale Bitcoin Trust (ticker GBTC) has plunged more than 74% this year, outpacing the cryptocurrency’s 64% decline. That gap has widened dramatically over the past week, dragging the price of GBTC to an unprecedented 42% discount to the value of the Bitcoin it holds, according to Bloomberg data.