Grayscale Marks Another All-Time Discount Record of 36.7%

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Shares of the Grayscale Bitcoin Trust are once again trading at a record low relative to the fund’s net asset value.

Each share is now 36.7% less valuable than the underlying Bitcoin that’s backing it. 

  • Per Grayscale’s website, the total value of its 643,572 BTC under management is roughly $12.4 billion. 
  • This puts its holdings per share at about $17.9. Meanwhile, its actual share value is currently just $11.46,
  • Since shares of GBTC can’t be liquidated as easily as with an ETF product, they fail to wholly track the price of Bitcoin. 
  • As such, Grayscale has been lobbying the SEC for over a year to allow its conversion into a Bitcoin spot ETF. This would bring its total share value to parity with its Bitcoin value overnight, accruing major value to shareholders. 
  • Arcane Research suggested earlier this month that there are “good arguments” for investing in GBRC at these prices. 
  • Grayscale is currently suing the SEC for roadblocking its transition but doesn’t believe it’s part of an establishment agenda against Bitcoin. 

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