Major Grayscale digital currency funds are trading at 34% to 69% discount to NAV

According to statistic sourced from information aggregator YCharts, 7 integer currency funds issued by plus manager Grayscale Investments are presently astatine a discount of 34% to 69% to their nett plus value, oregon NAV. Holdings tracked successful the investigation see the Grayscale Bitcoin Trust; Ethereum Trust, Ethereum Classic Trust, Litecoin Trust, ZCash Trust, Horizen Trust, Stellar Lumens Trust, and Livepeer Trust.

All of the funds way the show of their namesake cryptocurrencies, with the Grayscale Stellar Lumens Trust having the lowest discount to NAV astatine 34% and the Grayscale Ethereum Classic Trust having the highest discount to NAV astatine 69%.

At the clip of publication, the mean discount to NAV shared by funds successful the radical stands astatine 50%. This is adjacent to the discount worth of the Grayscale Bitcoin Trust (GBTC), the largest holding with $10.6 cardinal successful integer assets nether absorption but lone $5.59 cardinal successful shares' nett liquidation value. Meanwhile, the Grayscale Ethereum Trust, which holds $3.75 cardinal successful Ether (ETH), is besides trading astatine a discount of 50%.

Related: GBTC 'elevator to hell' sees Bitcoin spot terms attack 100% premium

Grayscale's concern vehicles have not been approved by the U.S. Securities and Exchange Commission (SEC) arsenic exchange-traded funds (ETF) and frankincense commercialized over-the-counter (OTC). Previously, its funds specified arsenic GBTC traded astatine a premium during the crypto bull marketplace owed to heightened capitalist demand. 

However, a bid of setbacks appeared to person inversed the capitalist sentiment connected its concern vehicles. First, the SEC rejected the firm's application to database GBTC arsenic an ETF connected June 29, citing that the connection failed to show however it was "designed to forestall fraudulent and manipulative acts and practices." Grayscale responded with a lawsuit against the SEC that is ongoing. The firm's ineligible serviceman estimated that the litigation could instrumentality up to 2 years. 

Second, Grayscale's genitor Digital Currency Group has been deed with insolvency rumors amidst the crypto winter, particularly aft its subsidiary Genesis Global paused withdrawals connected Nov. 16, citing "unprecedented marketplace turmoil" related to the illness of troubled cryptocurrency speech FTX. 

Finally, Grayscale stopped abbreviated of a afloat on-chain disclosure, citing security concerns, successful effect to users' enquiry for a proof-of-reserves audit. The steadfast alternatively shared a missive from Coinbase Custody attesting the worth of its holdings. All together, Grayscale presently has $14.7 cardinal worthy of integer currencies nether absorption successful its OTC funds.