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GBTC Reaches All-Time Low Discount of -35%

GBTC Reaches All-Time Low Discount of -35%

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Shares of Grayscale Bitcoin Trust (GBTC) have never been cheaper relative to the value of the company’s underlying Bitcoin holdings.

The GBTC discount has dipped below 35% again for the first time since June. Although the company is worth $17.27 per share, the market value of each share is only $11.18.

  • The figures for calculating the discount are publicly available on Grayscale’s website. As is is displayedShares of GBTC fell 4.77% on Monday, while the value of its holdings per share fell just 2.54% on a daily basis.
  • More specifically, the Trust has a net worth of $11.9 billion – about 635,000 Bitcoins. At the same time, its total stock value is only $7.74 billion.
  • GBTC is a Bitcoin Trust designed to give investors exposure to the price of Bitcoin. However, unlike an exchange-traded fund (ETF), GBTC shares are not easily created or destroyed. This makes it difficult for its price movements to match the prices of the underlying Bitcoin, creating divergence.
  • GBTC last hit this low in June, shortly after the Securities and Exchange Commission (SEC) abandoned Grayscale’s application to switch to Bitcoin Spot ETF. Grayscale has since sued the commission.
  • One of Grayscale’s main reasons for accepting the move has been the removal of the trading discount. This would bring about a 50% increase in value to GBTC holders if ever approved.
  • The SEC claims that it can only approve such a product if Grayscale enters into a “control sharing agreement with a significant size regulated market related to the underlying or reference bitcoin assets.”
  • Grayscale archived last week to reward holders of their Ethereum products with ETHPoW cash.
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