7) We know the preceding point in particular will be a disappointment to some, but panic sparked by others is not a good enough reason to circumvent complex security arrangements that have kept our investors’ assets safe for years.— Grayscale (@Grayscale) November 18, 2022
Grayscale Hold 635K BTC, Bitcoin Trust discount eyes 50%,
Amid the unraveling FTX contagion, the discount of Grayscale’s Bitcoin Trust offering widened further. The GBTC discount was close to 50% at press time while Bitcoin (BTC) spot price traded around $16,000, per TradingView data.
Participants also highlighted that the trust owns around 3.3% of Bitcoin’s market cap, some 635,235 BTC worth over $10 billion at today’s price. Prior to Terra’s implosion, the Luna Foundation Guard (LFG) held around 80,000 BTC.
Analysts predict a 46% drop to around $8,900 if the company is forced to offload its BTC holdings as the LFG did to defend TerraUSD (UST).