Here's why shares of the largest bitcoin investment vehicle in the world are trading at a discount
Shares of the largest bitcoin investment vehicle in the world are trading at aThat discount has widened to as much as 35% recently, to the chagrin of some investors who paid a higher price for shares than the bitcoin they represented.
Recall crypto lender BlockFi said Tuesday that it unwound its entire position in GBTC and would not take shares as collateral, before walking back the statement: That's because GBTC is not an ETF . And its trust structure makes them inflexible to ever-changing supply and demand. That's because ETFs' unique feature allows money to flow in and out of them, without disturbing the underlying assets.: "Because the SEC has disapproved the application to convert GBTC to an ETF, the next point of escalation is to go through the judicial branch," Michael Sonnenshein, CEO of Grayscale, tells Axios.
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