Not everyone is bearish on GBTC and its record BTC spot price discount — some big names have been buying.
The Grayscale Bitcoin Trust is the latest Bitcoin industry entity to feel the heat from the debacle overWith contagion and fears over a deeper market rout everywhere in Bitcoin and altcoins at present, misgivings are impacting even the best-known — and trusted — crypto industry names.
In recent days, it was the turn of GBTC, the long-embattled Bitcoin investment fund, amid problems at a related crypto firm, Genesis Trading., parent company Digital Currency Group , as well as operator Grayscale itself, swiftly sought to reassure investors and the market that its flagship product was financially watertight.
This did not appear enough to satisfy nerves, however, leading to additional public declarations of faith in DCG and GBTC.“Nothing is more important than ensuring our clients' assets are safe,” it“With 10 years of expertise building a secure and compliant custody solution, Coinbase Institutional is proud to provide segregated cold storage custody services with our Qualified Custodian.”
GBTC’s image has been under strain for some time. Since 2021, it has traded at a discount to the BTC spot price, a discount which isAmid a lack of demand, speculation has increased thanks to rumors that Grayscale may end up being bought should Genesis Trading fail.
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