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GBTC discount widens to highest point in 2023

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Grayscale Bitcoin Trust (GBTC) is trading at a discount of 47.35% to the underlying assets’ net asset value (NAV) as of Feb. 15 — a record low for the current year.

GBTC shares are trading for $10.85 after increasing by 4.43% in the last 24 hours, according to ycharts data.

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

However, the discount began to widen again following the struggles of its parent company Digital Currency Group (DCG).

DCG’s trouble stems from the financial problems at one of its subsidiaries — Genesis — which filed for bankruptcy on Jan. 19.

The crypto lender’s bankruptcy brought increased fears about the financial health of DCG and how it could impact Grayscale.

Since then, DCG has been trying to raise funds by selling some of its assets. The asset management firm sold $22 million of its shares in Grayscale’s Ethereum (ETH) fund. The company is also looking to offload its news outlet CoinDesk.

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

Journalist at CryptoSlate

Oluwapelumi is a believer in the transformative power Bitcoin and the blockchain industry holds.

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