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FTX Bankruptcy Hits Hard, Grayscale Bitcoin Trust Faces Nearly 41% Premium Lost
After FTX succumbed into bankruptcy, the crypto market has tumbled down massively where Bitcoin has lost nearly 20% in the last seven days. Among many organizations which have faced the heat is Grayscale Bitcoin Trust (GBTC), world’s largest institutional Bitcoin fund.
As of Nov 9, 2022, GBTC has lost 41% as the price per share stood at $8.76. GBTC has been under a downfall since a year after it hit a target of $51.47 per share on Nov 12, 2021. The fact that GBTC is an investment trust fund instead of a redemption program, creates price variation against its Bitcoin holdings.