Another victim of the FTX meltdown is GBTC, closing at a record discount of 41%, as the share price stands at $8.76.
) price started to buckle and, at the time of writing, lost 21% in five days. Among the victims of the swift market meltdown is the world’s largest institutional Bitcoin fund, the Grayscale Bitcoin Trust .
On Nov. 9, the GBTC closed at a record discount of 41%, with a price per share standing at $8.76. Overall, the GBTC has been gradually declining for almost a year since its peak position of $51.47 per share on Nov. 12, 2021. A structural problem of GBTC lies in the fact that it’s an investment trust fund with its shares not freely created
. This inefficiency creates significant price discrepancies versus the fund’s underlying Bitcoin holdings.
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