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Grayscale Bitcoin Trust Falls as Crypto Slips Again By Carding Forum
(Reuters) - Grayscale Bitcoin Trust, the world's largest bitcoin fund, fell nearly 7% on Wednesday as investors dumped more digital assets following the high-profile dissolution of cryptocurrency exchange FTX last week.
In another blow to cryptocurrencies this year, crypto investment bank Genesis Global Trading said in a tweet that it had temporarily suspended redemptions and new loan originations following the FTX crash.
Genesis, the latest company to be hit by the FTX storm, is owned by Digital Currency Group (DCG), which is also the parent company of Grayscale.
DCG said on Twitter that the freeze on Genesis' lending operations had no impact on the company or its wholly-owned subsidiaries.
Grayscale said its products will continue to operate as usual and its underlying assets will remain unaffected.
Grayscale Bitcoin Trustβs discount to its net asset value hit an all-time low of 41% last week and is currently at 37%. Shares have not traded at a premium since March 2021, according to Coinglass.
The trust is a closed-end fund whose short-term price is driven by supply and demand and market sentiment, unlike exchange-traded funds that trade based on their value.
In June, Grayscale sued the SEC over the digital asset managerβs proposal to convert the Bitcoin Trust into a spot Bitcoin exchange-traded fund.
The Grayscale Bitcoin Fund, which manages $10.7 billion worth of bitcoin, has fallen about 75% over the past 12 months.
Grayscale Ethereum Trust, which manages $3.8 billion in assets, has lost 81% of its value over the past year. By comparison, bitcoin, which fell 2 percent to $16,505 on Wednesday, is down 72 percent over the past year.
(Reporting by Medha Singh and Lisa Pauline Mattackal in Bengaluru)
(Reuters) - Grayscale Bitcoin Trust, the world's largest bitcoin fund, fell nearly 7% on Wednesday as investors dumped more digital assets following the high-profile dissolution of cryptocurrency exchange FTX last week.
In another blow to cryptocurrencies this year, crypto investment bank Genesis Global Trading said in a tweet that it had temporarily suspended redemptions and new loan originations following the FTX crash.
Genesis, the latest company to be hit by the FTX storm, is owned by Digital Currency Group (DCG), which is also the parent company of Grayscale.
DCG said on Twitter that the freeze on Genesis' lending operations had no impact on the company or its wholly-owned subsidiaries.
Grayscale said its products will continue to operate as usual and its underlying assets will remain unaffected.
Grayscale Bitcoin Trustβs discount to its net asset value hit an all-time low of 41% last week and is currently at 37%. Shares have not traded at a premium since March 2021, according to Coinglass.
The trust is a closed-end fund whose short-term price is driven by supply and demand and market sentiment, unlike exchange-traded funds that trade based on their value.
In June, Grayscale sued the SEC over the digital asset managerβs proposal to convert the Bitcoin Trust into a spot Bitcoin exchange-traded fund.
The Grayscale Bitcoin Fund, which manages $10.7 billion worth of bitcoin, has fallen about 75% over the past 12 months.
Grayscale Ethereum Trust, which manages $3.8 billion in assets, has lost 81% of its value over the past year. By comparison, bitcoin, which fell 2 percent to $16,505 on Wednesday, is down 72 percent over the past year.
(Reporting by Medha Singh and Lisa Pauline Mattackal in Bengaluru)
