$82,625.00
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0.01%$0.170268
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1.41%$1,842.96
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0.27%$0.266443
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0.00%$0.00001273
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0.12%$48.48
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1.66%$5.38
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0.10%$16.68
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0.38%$10.04
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0.00%$4.36
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3.94%$0.243729
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0.02%$1.096
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-5.35%$1,923.60
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0.06%$0.368059
-8.63%$1.002
0.17%$0.999724
0.19%$0.00000167
1.04%$0.00400575
2.99%$82,060.00
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27.89%$0.03163594
2.39%$119.86
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6.02%$1.21
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0.12%$82,441.00
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0.20%$1.071
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1.17%$0.00318313
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11.47%$0.928327
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0.39%$19.94
-0.11%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.
Elon Musk’s favorite cryptocurrency made a comeback at the end of last year as retail investors flooded back into the market to snap up Dogecoin. The coin was launched as a joke in 2013, but has persisted over the years and remained prominent. But just how serious is the business of mining the O.G. meme coin? People are actively buying the machines to do so, according to vendors at this year’s Mining Disrupt conference in Fort Lauderdale, Florida. Though the conference was heavily focused on th...
Banks can engage in cryptocurrency and other legally permitted activities without seeking prior regulatory approval, so long as they manage risks appropriately, The Federal Deposit Insurance Corporation announced Friday. The policy change rescinds a 2022 requirement that mandated FDIC-supervised institutions notify the agency before engaging in crypto-related activities. Under the new guidance, banks can offer services involving digital assets without the agency's advance permission. "With today...
The NASDAQ exchange has applied to the U.S. Securities and Exchange Commission to list shares of an Avalanche exchange-traded fund issued by crypto asset manager Grayscale. The 19b-4 form for Grayscale's AVAX ETF follows its registration as a Delaware Trust entity more than two weeks ago. If approved, the AVAX ETF would use Coinbase Custody as its custodian, the 19b-4 shows. The issuer must still file an S-1 registration statement describing the product, however. AVAX, the utility token of L...
