Grayscale's GBTC trades at a -19% discount
The cryptocurrency market has suffered huge losses over the past week with Bitcoin declining below $50,000. This has affected other investment products tied to cryptocurrencies. For instance, Grayscale's GBTC fund is trading at a record 19% discount.
GBTC down by 19%
The Grayscale Bitcoin Trust (GBTC) product hit a two-month low yesterday after the leading cryptocurrency's price dropped below $50,000. GBTC's premium declined by 19%, its lowest since Grayscale launched the fund.According to Bloomberg, the $35 billion fund lost nearly 20% of its value over the past week. This corresponds with Bitcoin's decline from the $60,000 region. The GBTC fund began trading at a discount for the first time in February.
Several factors contributed to GBTC trading at a discount. To doubt, the launch of Bitcoin exchange-traded funds (ETFs) in Canada resulted in adding selling pressure on GBTC as some investors moved their funds to the newly launched Bitcoin ETFs.
Grayscale is losing some of its investors to the Canadian Bitcoin ETFs, and the firm is now working on launching its own exchange-traded fund. The investment firm said it has been having discussions with the US Securities and Exchange Commission (SEC) for a few years now. The goal is to launch a Bitcoin ETF when the time is right.
Grayscale revealed that it had previously applied for a Bitcoin ETF but withdrew its application as the chances were slim. "Ultimately, we withdrew our application because we believed the regulatory environment for digital assets had not advanced to the point where such a product could successfully be brought to market," Grayscale said.
"When GBTC converts to an ETF, shareholders of publicly traded GBTC shares will not need to take action, and the management fee will be reduced accordingly," the firm added.
Grayscale could join others in applying for a Bitcoin ETF
Canada recently approved three Bitcoin ETFs, while the United States has yet to approve any. At the moment, the SEC is reviewing nine Bitcoin ETF applications, and Grayscale could soon join the list. The firm might need to take the step to ensure its products are appealing to institutional investors.100% Success Money Back Guarantee
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