{"id":63302,"date":"2022-06-22T16:47:56","date_gmt":"2022-06-22T13:47:56","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=63302"},"modified":"2025-09-05T23:16:54","modified_gmt":"2025-09-05T20:16:54","slug":"grayscales-gbtc-discount-surges-past-34","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/grayscales-gbtc-discount-surges-past-34\/","title":{"rendered":"Grayscale&#8217;s GBTC discount surges past 34%"},"content":{"rendered":"<p>On 16 June, Grayscale Investments&#8217; Bitcoin Trust (GBTC) traded at a discount to <span data-descr=\"net asset value\" class=\"old_tooltip\">NAV<\/span> of over 34%. In <a href=\"https:\/\/theweeklyupdate.substack.com\/p\/chaotic-market-following-liquidations\">Arcane Research<\/a>, the dynamics were explained by troubles at Three Arrows Capital (3AC).<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"867\" height=\"697\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-677.png\" alt=\"Grayscale GBTC discount surges past 34%\" class=\"wp-image-176782\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/1-677.png 867w, https:\/\/forklog.com\/wp-content\/uploads\/1-677-300x241.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/1-677-768x617.png 768w\" sizes=\"auto, (max-width: 867px) 100vw, 867px\" \/><figcaption>Data: Arcane Research.<\/figcaption><\/figure>\n<\/div>\n<p>Analysts cited Bloomberg data, according to which 3AC was the largest holder of GBTC (38.9 million shares). Against a backdrop of liquidity issues, the firm also considered the option of selling assets.<\/p>\n<p>The hedge fund had been increasing its positions in the bitcoin trust, aiming to profit from removing the discount ahead of the expected 6 July verdict by the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> on Grayscale&#8217;s proposal to convert GBTC into an <a href=\"https:\/\/forklog.news\/chto-takoe-bitkoin-etf\/\">ETF<\/a>. To this end, the firm was buying trust shares and opening short positions on the first cryptocurrency.<\/p>\n<p>29 June, ahead of a decision on Grayscale&#8217;s application, the Commission will respond to Bitwise&#8217;s filing for launching a spot Bitcoin ETF. The firm <a href=\"https:\/\/forklog.news\/v-grayscale-i-bitwise-sprognozirovali-skoroe-odobrenie-spotovogo-bitkoin-etf\/\">experiences cautious optimism<\/a> on this score.<\/p>\n<p>Analysts stressed that the resulting discount to NAV in GBTC looks unwarranted. Taking into account the 2% annual management fee, the market does not envisage converting the closed-end trust into an exchange-traded fund over the next 17 years. Experts regard this scenario as unlikely.<\/p>\n<p>Arcane Research viewed the potential SEC approval of a spot Bitcoin ETF as a bearish factor. They attributed this to potential shorting of the first cryptocurrency by arbitrageurs.<\/p>\n<p>As reported, Grayscale Investments CEO Michael Sonnenshein<a href=\"https:\/\/forklog.news\/glava-grayscale-nazval-odobrenie-spotovogo-bitkoin-etf-sleduyushhim-logichnym-shagom-dlya-sec\/\"> \u043d\u0430\u0437\u0432\u0430\u043b<\/a> the launch, with regulator&#8217;s consent, of the inverse Bitcoin ETF a positive step, allowing short positions on digital gold.<\/p>\n<p>Earlier, a senior manager allowed the possibility of filing a suit against the SEC in the event of GBTC&#8217;s registration as a spot Bitcoin ETF being denied.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news in our <a href=\"\/\/telegram.me\/forklog\u201d\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On June 16, Grayscale Investments&#8217; Bitcoin Trust (GBTC) traded at a discount to NAV of over 34%. Arcane Research attributed the dynamics to problems at Three Arrows Capital (3AC).<\/p>\n","protected":false},"author":1,"featured_media":63303,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1214,943,1352],"class_list":["post-63302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-grayscale-bitcoin-trust","tag-grayscale-investments","tag-three-arrows-capital"],"aioseo_notices":[],"amp_enabled":true,"views":"38","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/63302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=63302"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/63302\/revisions"}],"predecessor-version":[{"id":63304,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/63302\/revisions\/63304"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/63303"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=63302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=63302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=63302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}