For example, the value of the shares may fall because people want to sell them, while the market value of the Bitcoin in the fund remains the same. At the time of writing, the discount is 45.78 percent. GBTC’s share price is thus almost 50 percent lower than the market value of all Bitcoin held in the fund.
CEO doesn’t get it
Michael Sonnenshein, Grayscale’s CEO, says he can’t imagine why the Securities and Exchange Commission (SEC) won’t protect GBTC’s investors. By protecting, he means giving permission to turn GBTC into a spot Bitcoin ETF. With this, according to Sonnenshein, investors would receive several billion dollars overnight.
