Grayscale Adds $283.3 Million In AUM To GBTC, Despite Its 13% Trading Discount – Bitcoin Magazine

Grayscale has added $283.3 million to its premier Grayscale Bitcoin Investment Trust (GBTC) product, despite the fact that the product continues to trade at a significant discount compared to the bitcoin held within.

An update from Grayscale on April 20 indicated that GBTC had $36.1769 billion worth of assets under management (AUM), and an update on April 21 indicated that its AUM had risen to $36.4602 billion in AUM, a rise of $283.3 million. The updates indicated that Grayscale acquired almost $1 billion in different cryptocurrency assets between the two assets.

Grayscale’s significant bitcoin buy came despite the fact that GBTC is currently trading at a 13.88% negative spread between its premium and net asset value (NAV). GBTC hit a record low against NAV in March.

“The development of a negative GBTC premium throws a wrench in the popular carry trade of redeeming Grayscale shares at a premium and shorting bitcoin futures,” as Bitcoin Magazine reported at the time. “This offered a relatively risk-free yield to investors for some time, while simultaneously acting as a one-way street for locking up bitcoin. Now, with the premium deeply in the negative, the incentive has disappeared to redeem shares of GBTC, and this, unsurprisingly, is what has occurred.” 

Sorgente articolo:
Grayscale Adds $283.3 Million In AUM To GBTC, Despite Its 13% Trading Discount – Bitcoin Magazine

User ID Campaign ID Link
d9a95efa0a2845057476957a427b0499 l-99999984 Free Web Host
d9a95efa0a2845057476957a427b0499 l-99999982 Cloudrealtime
d9a95efa0a2845057476957a427b0499 l-99999996 Webinar Software
d9a95efa0a2845057476957a427b0499 l-99999994 Marketing Automation

Leave a Reply