GBTC discount widens to highest point in 2023

Grayscale Bitcoin Trust (GBTC) is trading astatine a discount of 47.35% to the underlying assets’ nett plus worth (NAV) arsenic of Feb. 15 — a grounds debased for the existent year.

GBTC shares are trading for $10.85 aft expanding by 4.43% successful the past 24 hours, according to ycharts data.

Earlier successful the year, the discount had closed to around 38.55% aft community-led efforts to redeem the shares.

However, the discount began to widen again pursuing the struggles of its genitor institution Digital Currency Group (DCG).

DCG’s occupation stems from the fiscal problems astatine 1 of its subsidiaries — Genesis — which filed for bankruptcy connected Jan. 19.

The crypto lender’s bankruptcy brought accrued fears astir the fiscal wellness of DCG and however it could interaction Grayscale.

Since then, DCG has been trying to rise funds by selling immoderate of its assets. The plus absorption steadfast sold $22 cardinal of its shares successful Grayscale’s Ethereum (ETH) fund. The institution is besides looking to offload its quality outlet CoinDesk.

Meanwhile, different Grayscale cryptocurrency trusts are trading astatine higher discounts against NAV. Grayscale Ethereum Trust is astatine a 52.80% discount portion Grayscale Ethereum Classic Trust is astatine a 68.13% discount, according to ycharts data.w

The station GBTC discount widens to highest constituent successful 2023 appeared archetypal connected CryptoSlate.