GBTC Bitcoin discount nears 50% on FTX woes as investors stock up

The Grayscale Bitcoin Trust is the latest Bitcoin industry entity to feel the heat from the debacle overWith contagion and fears over a deeper market rout everywhere in Bitcoin and altcoins at present, misgivings are impacting even the best-known — and trusted — crypto industry names.

In recent days, it was the turn of GBTC, the long-embattled Bitcoin investment fund, amid problems at a related crypto firm, Genesis Trading., parent company Digital Currency Group , as well as operator Grayscale itself, swiftly sought to reassure investors and the market that its flagship product was financially watertight.

This did not appear enough to satisfy nerves, however, leading to additional public declarations of faith in DCG and GBTC.“Nothing is more important than ensuring our clients' assets are safe,” it“With 10 years of expertise building a secure and compliant custody solution, Coinbase Institutional is proud to provide segregated cold storage custody services with our Qualified Custodian.”

GBTC’s image has been under strain for some time. Since 2021, it has traded at a discount to the BTC spot price, a discount which isAmid a lack of demand, speculation has increased thanks to rumors that Grayscale may end up being bought should Genesis Trading fail.

Bitcoin is in a bad way, it will only get worse

A clear proof of Fractional reserve. Better buy real Bitcoin instead.

trying to put the piece's together on Grayscale GBTC

Short Short Short $GBTC it’s in the OTC markets. There is no need to cover.

Will ARK bail out DCG? CathieDWood

Careful with gbtc, they might pull an FTX on us, after they refused to show proof of reserves! Be careful people

You don’t think there’s a reason for that do ya? Huhhhh hhmmmm **insolvency** hhmmm

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