Commentary
Anyone who watched television during 2022 saw the ubiquitous TV commercials for Grayscale, which manages the world biggest Bitcoin investment fund. Those ads touted Bitcoin as “the future” and should be part of a retiree’s portfolio.
But investors in Grayscale Bitcoin Trust (GBTC) are facing both a problem and an opportunity.
The problem? GBTC trades at a 46 percent discount to its underlying holdings, as of Feb. 24. This means the per-share value of the fund is 46 percent less than the Bitcoins held in the fund’s portfolio. No doubt the ongoing legal issues facing Digital Currency Group (DCG), the parent company of Grayscale, is one factor in the large discount….
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