) descending to $24,000 has cost its largest institutional investment vehicle more than the average hodler.on May 13, the Grayscale Bitcoin Trust is now trading at a nearly 31% discount.Amid ongoing market volatility this week, GBTC has seen its fledgling recovery fall flat on its face — for the time being.
As of May 13, the discount was 30.6%, meaning that shares in GBTC traded at almost one third below the Bitcoin spot price .to a 21% discount. “It took clarity and conviction to set up GBTC, and now Grayscale is demonstrating courage and commitment in their campaign to convert GBTC into a Spot Bitcoin ETF. They deserve your support,” MicroStrategy CEO, Michael Saylor,Such a move would be unprecedented in the United States, where the Securities and Exchange Commission has lagged behind other countries’ authorities in approving a Bitcoin spot-based ETF.
“I do think when things settle down and crypto starts to find its footing you will see some of those more institutional buyers starting to step in and some have already indicated that they are in fact starting to take buys at these levels.”Purpose Bitcoin ETF sees record daily buy
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