Cheaper Bitcoin: GBTC Discount Extends to 27%

Shares of the Grayscale Bitcoin Trust are trading significantly below BTC spot prices as the asset circles around $30K. Since the beginning of the year, GBTC is down some 45%.

Grayscale is the world’s leading digital asset manager, and its Bitcoin Trust is the company’s flagship product.
It allows investors to receive exposure to the price of BTC without having to worry about safekeeping it. Eligible shares are also quoted on OTCQX – the top marketplace for trading stocks over-the-counter.
The minimum investment requirement is set at $50K, and each share represents 0.00092439 BTC.
At the time of this writing, obtaining BTC through GBTC shares is roughly 27% cheaper than buying it on the open markets.
As mentioned above, since the beginning of the year, GBTC plunged by some 45%, whereas the BTC spot price is down only about 34% – a considerable discrepancy.
GBTC Shares to spot BTC. Source: Grayscale

 

Grayscale tends to be used as a reference for institutional demand, and with the discount being as large as it is, a somewhat plausible assumption could be that the latter is currently at a low point.
Of course, it’s also worth mentioning that GBTC shares come with a 6-month lock-up.

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