Grayscale’s Bitcoin Investors Have Trust Issues
The Grayscale trust may be a source of frustration for many investors, but it’s the sturdiest pillar in Barry Silbert’s digital-asset empire.
Photographer: Eva Marie Uzcategui/BloombergWelcome to Bloomberg Crypto, our twice-weekly look at Bitcoin, blockchain and more. If someone forwarded this to you, sign up here. In today’s edition, Katie Greifeld explores the crypto conundrum that is the Grayscale Bitcoin Trust :
The issues surrounding Grayscale Investments’ $10.7 billion Bitcoin Trust are well-known: It’s trading at a near-record discount to the value of the coins it actually holds, and — because it’s structured in such a way that shares can’t be redeemed — there’s little reason to think that the dislocation will improve anytime soon.