Grayscale shared a letter from Coinbase Custody attesting that each of Grayscale’s crypto products is fully backed, but stopped short of providing the wallet addresses. Cryptocurrency investment product provider Grayscale Investments has refused to provide on-chain proof of reserves or wallet addresses to show the underlying assets of its digital currency products citing “security concerns.”…
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The FTX Contagion effects do not even stop at the largest institutional Bitcoin product on the market, the Grayscale Bitcoin Trust (GBTC). As a result of the bankruptcy of Sam Bankman-Fried’s crypto exchange, the discount to the NAV of Grayscale’s GBTC fund has fallen to around -40%. As recently as the end of 2020, GBTC…
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The recent crisis in the world’s third-largest crypto exchange, FTX, is creating more devastating conditions in the Bitcoin and crypto market. Over the past few days, the FTX token (FTT) has lost more than 70% of its value. The events seem to have unlocked the bears into the market. As a result, the cumulative market…
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On Nov. 9, the GBTC closed at a record discount of 41% with a one-share price standing at $8.76. Following the FTX bank run, which accelerated by Nov. 7, Bitcoin (BTC) price started to buckle and, at the time of writing, lost 21% in five days. Among the victims of the swift market meltdown is…
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Grayscale and Ripple against the SEC, Coin Center versus the Treasury — it’s a hot season in the U.S. courts. Perhaps one of the most captivating signs of the industry’s maturity is the increasing amount of court cases in which crypto companies fight back against perceived regulatory abuses. Last week saw some major advancements in…
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Grayscale’s BTC trust trades at a 36.7% discount to their actual BTC holdings, and it’s possible that more than just the market-wide downtrend stands as the reason for the spread. U.S. investors have been waiting for a Bitcoin exchange-traded fund (ETF) approval since May 2014 when the Winklevoss Bitcoin Trust filed an amendment request at…
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Crypto asset management company Grayscale has filed the opening brief in its lawsuit against the U S. Securities and Exchange Commission (SEC), challenging the agency’s decision to deny its application to convert the GBTC into a spot Bitcoin ETF. Grayscale, which has been trying to convert its flagship Grayscale Bitcoin Trust fund (GBTC) into a…
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On October 6, Grayscale Investments announced a new venture that gives accredited investors the opportunity to invest in the mining infrastructure that powers the digital asset ecosystem. According to the announcement, the co-investment vehicle is called Grayscale Digital Infrastructure Opportunities (GDIO), and the crypto mining firm Foundry will handle the new product’s operations. GDIO is…
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Grayscale Investment’s Bitcoin Trust (GBTC) has dropped to a new low this week as the bitcoin fund tapped a record 35.18% low against bitcoin spot prices. GBTC’s discount to spot has been underwater for a total of 577 consecutive days. GBTC Discount to NAV Widens by 35% — Fund Reaches an All-Time Low Against BTC…
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A Securities and Exchange Commission filing filed on September 16 shows that the company Grayscale Investments has declared “distribution of rights to Ethereum Proof of Work Tokens.” The newly launched ETHW blockchain went live on September 15 and roughly 50-60 terahash per second (TH/s) of hashrate is dedicated to the new network. Grayscale notes that…
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