Ark Invest, the investment firm led by Cathie Wood, has purchased another 176,945 shares worth about $1.4 million in Grayscale’s Bitcoin Trust (ГБТЦ) fund, according to an investor email seen by Дешифрирај.
This is the firm’s second large GBTC purchase in just as many weeks.
Према Блоомберг, the Florida-based investment fund bought nearly 315,000 GBTC shares totaling $2.8 million last week.
Ark Invest’s GBTC holding over time. Source: Арк Инвест.
Ark buys in despite GBTC concerns
ГБТЦ is a financial vehicle that lets investors gain exposure to Bitcoin without needing to buy and hold the asset. The Bitcoin backing GBTC is custodied би Цоинбасе.
Након колапс ФТКС-а, major centralized cryptocurrency exchanges have disclosed their customer fund reserves to regain user trust.
Grayscale, however, abstained from disclosing details about GBTC’s Bitcoin backing, citing “security reasons.”
6) Цоинбасе често врши проверу ваљаности на ланцу. Из безбедносних разлога, такве информације о новчанику на ланцу и информације о потврди не чинимо јавно доступним путем криптографског доказа о резерви или друге напредне процедуре криптографског рачуноводства.
This move created хаос among cryptocurrency investors surrounding GBTC’s liquidity, widening its infamous discount.
Per Grayscale’s latest објава, the company’s GBTC underlying is valued at $9.9 billion, reflecting a holding per share (GBTC) of $14.43.
But the market price of GBTC is around $8.28, a whopping 42.6% discount from the underlying Bitcoin value. Last Friday, the GBTC discount hit an all-time high of 45.08%, according to data from Ицхартс. This means that GBTC shares trade for less than the net value of Bitcoin.
GBTC discount is nothing new. Since February 2021, shares in GBTC have traded at a discount to the underlying asset.
One of the primary reasons why this discount has emerged is because there is currently no mechanism to redeem the underlying asset. If that were the case, then it would be easy for arbitrageurs to buy the discounted asset and redeem it for Bitcoin to turn a profit.
Instead, the only option is to sell the shares, a market force stirred on by the industry’s ongoing liquidity crunch.
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