Grayscale Bitcoin Trust’s (GBTC) net asset value premium has fallen below 10% after two years.
It has frequently been on the agenda with its lawsuits against the US Securities and Exchange Commission (SEC) and has been in the spotlight in recent months. Bitcoin gaining premium with exchange traded fund (ETF) developments Drop in GBTC happened. The metric in question compares the market price of each share to the Bitcoin value it represents. how low it is shows.
Premium value of the fund two years next below 10% declined. This decline is due to one of GBTC’s largest shareholders. Ark Invest It is not surprising that it has made a large amount of sales in the past 2 days. ARK Next Generation Internet ETFbefore the market closed on Tuesday. 21,062 Coinbase (COIN) And 72,509 Grayscale Bitcoin Trust (GBTC) He sold his shares.
GBTC has been trading below the value of Bitcoin in the market for a long time because of serious redemption issues is alive. Since the possibility of repayment within the maturity of the fund is not legally possible, GBTC holders’ only chance is to withdraw the funds they have. sell to other investors is happening. Especially ETF expectation It creates an impact on the purchases and sales of fund investors. In this case, GBTC holders are forced to bargain sale forces you to do it.