The Grayscale Bitcoin Trust (GBTC) has dropped to a discount of 47%. This is a near-record markdown for the fund, which saw its biggest discount in December 2022.

Grayscale’s Bitcoin fund (GBTC) has taken an enormous drop, falling to a near-record-low discount of 47% on its net asset value. The price drop comes as the crypto market stutters and stops, attempting to break through resistance levels. Grayscale’s bitcoin offering is the largest publicly traded bitcoin fund in the fund, and the steep discount is a sign of the times the market is going through.

There is perhaps a reason for the fund’s drop in that Grayscale’s parent company is Digital Currency Group (DCG). The latter is facing tough times because of the bankruptcy of Genesis, one of the year’s biggest stories so far.

(By Rahul Nambiampurath)

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