By Bitcoin 杂志 - 2 年前 - 阅读时间：2 分钟
灰度 Bitcoin Trust Discount Hits Record Low
Shares of the Grayscale Bitcoin Trust (GBTC) hit record lows against net asset value.
以下内容来自最近一期的 Deep Dive， Bitcoin 杂志的优质市场通讯。 成为第一批获得这些见解和其他链上信息的人 bitcoin 市场分析直接发送到您的收件箱， 现在订阅.
Shares of the Grayscale Bitcoin Trust hit record lows yesterday against its net asset value, trading at a 26.5% discount. Amazingly, shares of GBTC are trading below their 2017 high.
To understand how GBTC affects the bitcoin market, you first must understand the structure of the production. Having first started in 2013, the Grayscale product allowed accredited investors and institutions to buy bitcoin exposure by accepting dollars or bitcoin for shares of GBTC at net asset value, with a six-month lock-up period.
If shares of GBTC were trading at a premium to net asset value, investors were incentivized to buy more shares of GBTC from Grayscale to capture the arbitrage. This was a large driver in the 2021 bull market, with Grayscale purchasing hundreds of thousands of bitcoin on behalf of investors.
However, once the product and its previous premium to net asset value turned into a discount, investors were stuck with a product that was no longer redeemable for bitcoin itself, which carries a 2% annual fee and can only be traded over the counter. This also happens to have been when all inflows into the trust abruptly halted, as no investor invests $100 willingly knowing what they receive in return is less, with a lock-up period.
原始来源： Bitcoin 杂志