GBTC Bitcoin Rebate Approaches 50% on FTX Woes as Investors Stock Up

GBTC shares are getting cheaper versus Bitcoin - a perfect reason to buy for ARK Invest and Lawrence Lepard. Market news

The largest institutional investment vehicle Bitcoin (BTC) is under suspicion as it is trading at a record discount.

The Grayscale Bitcoin Trust (GBTC) is the latest Bitcoin industry entity to feel the heat of the debacle on defunct FTX exchange.

With contagion and fears of a deeper market rout all over Bitcoin and altcoins at present, apprehensions affect even the most well-known and trusted names in the crypto industry .

In recent days, it was the turn of long-beleaguered bitcoin investment fund GBTC amid troubles at related crypto firm, Genesis Trading.

As Cointelegraph reported, parent company Digital Currency Group (DCG), as well as operator Grayscale itself, quickly sought to reassure investors and the market that its flagship was financially secure. .

That didn't seem enough to satisfy the nerves, however, leading to further public declarations of faith in DCG and GBTC.

Among them was Coinbase Institutional, the institutional investment arm of the major exchange Coinbase.

"Nothing is more important than making sure our clients' assets are safe," he tweeted Nov. 17.

"With 10 years of expertise in creating a secure and compliant custodial solution, Coinbase Institutional is proud to provide separate cold room custodial services with our qualified custodian."

GBTC's image has been under strain for some time. Since 2021, it has been trading at a discount to the BTC spot price, a...