After the recent decline in Bitcoin price…GBTC shares traded down 27%
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Answer After the recent decline in Bitcoin price…GBTC shares traded down 27%
Grayscale Bitcoin Trust stock is trading significantly below Bitcoin spot prices with Bitcoin currently hovering around $30K.
Since the beginning of the year, the share price of Grayscale Bitcoin Trust has fallen by 45%.
Grayscale is one of the world’s leading digital asset managers, and the Bitcoin Trust is the company’s flagship product.
This product allows investors to be exposed to the price of bitcoin without having to worry about keeping and storing it.
Qualified GBTC shares are also traded on OTCQX, the latter being the best market for OTC stock trading.
The minimum investment requirement for GBTC is set at $50,000, and each share represents 0.00092439 Bitcoin.
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At the time of writing this article, it was about 27% cheaper to get bitcoin through GBTC shares than buying it on the open market.
As mentioned earlier, since the beginning of the year, GBTC shares are down about 45%, while the spot Bitcoin is down about 34% only, which is a huge discrepancy between the two values.
GBTC tends to be used as a reference for institutional demand, and with the discount being as large as it is currently, a fairly reasonable assumption can be made that the latter is currently at a low point.
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It is also worth noting that GBTC shares come with a 6-month lock-in.
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