Grayscale Bitcoin Trust to Hit Laws

by in Cryptocurrency News

Grayscale Bitcoin Trust down

The Grayscale Bitcoin Trust (GBTC) hit a record low of -18.92% on April 22. This means that the market price of GBTC shares is 19% down than its net asset value (NAV).

GBTC started trading at a discount price first time in late February. There are several reasons for this. One of the main ones is the appearance of new products like Bitcoin ETFs in the market. In March, after trading below the price for several weeks, GBTC halted inflows. In early April, a major GBTC stakeholder Marlton addressed an open letter to the company suggesting to conduct a tender offer of its shares.

The digital asset manager revealed its plans to change GBTC into a Bitcoin ETF.

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Apart from Bitcoin, Grayscale represents 12 cryptocurrency trusts. On April 15, the company's AUM surpassed $50 billion for the first time. According to the latest post, now it stands at around $45.1 B.