The world’s largest institutional Bitcoin fund, the Grayscale Bitcoin Trust (GBTC), is in bad shape. Its premium is currently at a record low.
The Grayscale Bitcoin Trust closed at a record discount of -41% as the underlying asset continued to tank. The metric is a premium or discount to the net asset value (NAV) of the GBTC fund.
At -40%, investors can buy shares in the fund at this discount from the price of the underlying asset. However, at the moment, the bears are mauling markets and anything crypto-related is getting offloaded.
Bloomberg Intelligence analyst James Seyffart also took note of the fall:
