 | For a disclaimer this is too much for me to understand or wrap up fully but I want people to be up to date on what's happening, I'll be citing tweets and articles but if someone in the comments can provide more information about the situation it would be awesome. Ok, so first of all. What is GBTC? "GBTC (Grayscale Bitcoin Trust) is a Bitcoin fund launched by Grayscale in 2013 as a Bitcoin Investment Trust. GBTC allows investors to gain BTC exposure through a private trust that trades directly on the U.S. stock market. " How GBTC works, credits to @ lookonchain on twitter for explaining this: As of right now 1GBTC is $8,35 while bitcoin is trading at $16 613 As of recently after the FTX crash there has been concerns about Grayscale having to dissolve their Bitcoin trust: The parent company DCG aka Digital Currency Group is now requesting a 1 billion emergency loan due to the recent Genesis situation One of the most concerning things about this is that GBTC is refusing to give proof of reserves information due to it being a "security concern": The GBTC bitcoin fund is trading at a 40% discount right now like i said earlier, 1GBTC being $8.35 while bitcoin $16 613: This could end horribly since they presumably hold over $10 billion worth of bitcoin. Let's just hope we get more clarification to what's happening with them over the upcoming days. Topping this off with an infographic too hard for me to understand about how they operate: [link] [comments] |
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments