$109,756.00
0.37%$2,752.23
4.92%$2.30
-0.52%$670.80
0.96%$164.23
3.90%$0.999768
0.00%$0.194587
1.63%$0.290996
1.15%$0.70814
2.00%$2,750.37
4.97%$109,776.00
0.41%$41.35
8.11%$3,323.85
5.37%$3.45
1.50%$15.21
7.15%$22.13
2.31%$0.279627
2.88%$436.12
2.86%$8.85
-4.65%$3.30
-0.44%$0.00001318
2.61%$0.17979
1.48%$2,749.51
4.66%$0.999649
-0.02%$2,943.84
5.21%$92.04
2.80%$4.25
3.15%$338.30
2.21%$0.999441
-0.13%$1.00
-0.05%$4.79
1.75%$0.0000128
4.36%$8.30
23.61%$109,662.00
0.19%$0.643167
1.23%$306.62
12.49%$31.34
-1.22%$418.95
0.63%$1.18
0.10%$6.09
1.56%$5.07
2.97%$2.61
4.14%$52.95
0.49%$197.99
3.74%$0.100658
0.43%$1.00
0.00%$0.884446
2.74%$18.27
4.04%$1.055
0.00%$30.90
-1.30%$0.089784
0.80%$0.676581
3.25%$0.02580281
3.80%$18.28
-0.32%$0.361139
7.21%$1.00
-0.20%$10.88
0.93%$4.09
1.61%$0.810014
2.36%$4.59
3.87%$0.224836
4.34%$0.401244
10.98%$4.45
0.64%$0.087536
9.24%$1.15
0.61%$2.71
6.00%$122.08
-1.29%$0.205342
4.33%$2,748.79
4.84%$4.59
1.72%$1.00
0.11%$1.59
14.16%$1.00
0.01%$0.490725
3.65%$2.16
3.16%$0.999183
-0.26%$173.90
4.03%$11.35
0.34%$0.0000175
2.18%$13.85
0.33%$2.06
5.24%$1.30
10.20%$3,129.94
4.85%$2,876.72
4.89%$0.398254
1.28%$1.25
0.22%$0.01844522
0.17%$0.701118
9.12%$107,611.00
-1.38%$4.12
-0.03%$0.205132
5.19%$0.70739
2.82%$0.06601
7.88%$0.999992
-0.05%$2,939.19
5.19%$1.007
5.00%$0.54596
3.01%$108,899.00
-0.16%$0.999125
-0.13%$2,880.35
4.75%$0.717432
4.49%$0.999423
-0.01%$0.100659
4.71%$0.593922
0.47%$2,882.22
4.46%$0.00009358
6.68%$669.34
0.79%$109,739.00
0.28%$110,600.00
1.19%$182.47
3.67%$0.945727
10.72%$52.06
4.04%$2.60
6.96%$0.140785
6.03%$3,323.54
-0.25%$0.813737
2.91%$3,337.31
-0.21%$213.06
3.67%$0.01761548
3.57%$23.20
7.50%$0.01198151
9.47%$0.01538137
5.96%$0.194439
3.75%$0.128638
4.44%$0.296812
3.88%$0.535573
0.64%$2.14
12.24%$4.39
1.83%$0.00000071
0.37%$2.44
-1.36%$1.11
0.01%$111.38
0.01%$34.54
1.66%$0.99964
-0.04%$0.660384
2.70%$0.616743
5.27%$0.393579
5.00%$0.997358
-0.00%$2.01
-0.05%$2,744.67
4.63%$108,870.00
0.21%$1.74
1.34%$0.229996
-1.01%$41.26
7.97%$1.096
-0.01%$2.04
-2.56%$0.729756
1.37%$2,910.49
7.10%$2,749.97
4.80%$0.058124
6.90%$0.999878
0.05%$2,938.36
5.05%$0.299194
3.55%$2.99
0.17%$2,971.71
4.81%$59.72
25.92%$9.31
4.15%$109,777.00
0.31%$1.29
-7.59%$0.01531745
-1.83%$109,547.00
0.48%$0.436471
14.85%$2,755.09
4.98%$0.502944
-9.82%$0.467857
12.22%$0.193984
1.59%$0.995106
-0.41%$0.591746
9.44%$0.520664
56.14%$0.45219
0.09%$1.59
2.39%$0.145738
5.12%$0.596704
7.57%$7.19
7.04%$0.00465119
0.80%$16.00
3.21%$41.30
8.28%$0.0000227
2.43%$6.38
2.41%$0.04949546
-0.60%$1.56
5.85%$2,752.10
5.45%$1.33
5.69%$0.085932
0.65%$1.00
-0.05%$0.060981
-1.36%$105,488.00
-0.13%$0.595499
1.53%$0.999772
0.01%$0.00000043
1.71%$0.00739223
2.62%$0.00000108
5.18%$1.76
-0.31%$2.62
4.21%$0.165126
5.01%$0.166706
2.35%$2,913.87
4.60%$1.098
0.84%$37.22
0.69%$0.982569
-1.74%$0.00434881
1.28%$0.999755
-0.03%$0.399913
-0.33%$1.42
6.62%$0.0399434
2.45%$0.01984732
1.54%$0.380965
3.07%$3,027.55
4.77%$0.576079
2.80%$1.001
-0.15%$3,000.63
4.66%$2,754.64
5.02%$0.077939
2.97%$0.00680402
2.62%$109,573.00
0.21%$0.838858
4.14%$108,604.00
-0.54%$0.03495089
2.48%$22.11
2.23%$178.27
3.62%$128.90
5.12%$0.00401978
0.75%$0.224521
4.39%$0.00006183
0.92%$8.12
4.17%$2,750.56
5.03%$0.73016
2.38%$19.86
0.67%$0.00400274
-7.12%$0.695637
2.91%$0.999217
-0.02%$0.998141
-0.22%$0.224056
6.10%$0.00447002
1.67%$0.00344375
2.58%$0.999771
0.01%$0.123799
0.50%$2.51
2.31%$0.305818
-0.14%$0.01950998
10.88%$0.499226
3.01%$0.00000145
-0.55%$26.72
2.06%$109,575.00
0.01%$0.288204
-1.29%$17.28
4.04%$1.008
0.53%$3.07
11.01%Reading
Ark Invest, the investment firm led by Cathie Wood, has purchased another 176,945 shares worth about $1.4 million in Grayscale’s Bitcoin Trust (GBTC) fund, according to an investor email seen by Decrypt.
This is the firm’s second large GBTC purchase in just as many weeks.
According to Bloomberg, the Florida-based investment fund bought nearly 315,000 GBTC shares totaling $2.8 million last week.
Ark now holds nearly 6.357 million GBTC shares representing 0.4% of the firm’s total investments.
GBTC is a financial vehicle that lets investors gain exposure to Bitcoin without needing to buy and hold the asset. The Bitcoin backing GBTC is custodied by Coinbase.
Following the collapse of FTX, major centralized cryptocurrency exchanges have disclosed their customer fund reserves to regain user trust.
Grayscale, however, abstained from disclosing details about GBTC’s Bitcoin backing, citing “security reasons.”
6) Coinbase frequently performs on-chain validation. Due to security concerns, we do not make such on-chain wallet information and confirmation information publicly available through a cryptographic Proof-of-Reserve, or other advanced cryptographic accounting procedure.
— Grayscale (@Grayscale) November 18, 2022
This move created chaos among cryptocurrency investors surrounding GBTC’s liquidity, widening its infamous discount.
Per Grayscale’s latest announcement, the company’s GBTC underlying is valued at $9.9 billion, reflecting a holding per share (GBTC) of $14.43.
But the market price of GBTC is around $8.28, a whopping 42.6% discount from the underlying Bitcoin value. Last Friday, the GBTC discount hit an all-time high of 45.08%, according to data from Ycharts. This means that GBTC shares trade for less than the net value of Bitcoin.
GBTC discount is nothing new. Since February 2021, shares in GBTC have traded at a discount to the underlying asset.
One of the primary reasons why this discount has emerged is because there is currently no mechanism to redeem the underlying asset. If that were the case, then it would be easy for arbitrageurs to buy the discounted asset and redeem it for Bitcoin to turn a profit.
Instead, the only option is to sell the shares, a market force stirred on by the industry’s ongoing liquidity crunch.
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Mo Shaikh, a co-creator of the Aptos blockchain and co-founder and CEO of the Aptos Labs firm that helps support it, announced Thursday that he's leaving the company to focus on a "new chapter." "Today, I am stepping away from Aptos Labs to start a new chapter," Shaikh wrote on X. "One of my true passions lies in building companies from the ground up, and we have done that at Aptos Labs by building a world-class team." "I leave Aptos Labs with the utmost confidence in the team," he continued, "a...
Building on the momentum of anticipated changes to U.S. crypto policy, Binance.US said it aims to restore its USD services in early 2025, according to a statement shared with Decrypt. It marks the exchange's first major operational shift as regulatory pressure forced the exchange to suspend fiat trading last year. The platform has operated under restricted banking access since June 2023, when SEC civil claims triggered a suspension of dollar deposits and withdrawals. "While I can't provide a de...
