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Since January, GBTC has seen capital outflows of $11.05 billion, according to data from crypto research firm BitMEX Research, even as bitcoin climbed to an all-time high and competitors recorded ...
Grayscale was founded in 2013, launching a bitcoin trust that year. [4] In 2015, the company became a subsidiary of Digital Currency Group. [5] The same year, Grayscale Bitcoin Trust (OTCQX: GBTC) began trading over-the-counter on the OTCQX market, becoming the first publicly traded bitcoin fund in the United States.
On January 19, 2023, Genesis Global Capital filed for Chapter 11 bankruptcy protection, citing over 100,000 creditors and liabilities of between $1 billion and $10 billion. [12] In February 2023, DCG struck a deal with creditors to either sell its Genesis unit or turn its equity over to creditors. [ 13 ]
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As of Wednesday, GBTC traded at a 35.7% discount to the value of its bitcoin holdings, according to data from YCharts. That's up from a discount closer to 45% at the start of this month.
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The agency was forced into action after a landmark court victory by the crypto firm Grayscale and the arrival of major players like BlackRock and Fidelity.
In December 2013, finance professor Mark T. Williams forecast that bitcoin would trade for less than $10 by mid-year 2014. [99] In the indicated period bitcoin has exchanged as low as $344 (April 2014) and during July 2014 the bitcoin low was $609. [ 100 ]