Grayscale has generated more than $1,5 billion on cryptocurrency trusts
Since 2017, ETHE has brought the firm $387,71 million and GBTC $1,15 billion
13.01.2023 - 15:25
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What’s new? According to Unfolded, digital asset management firm Grayscale Investments has earned about $1,5 billion on Ethereum and bitcoin trusts (ETHE and GBTC). Since 2017, ETHE has brought the firm $387,71 million and GBTC $1,15 billion. Grayscale currently has a total of 632 078 BTC under management worth $10,5 billion, representing 3,28% of the first cryptocurrency’s market capitalization.
What is known about Grayscale? The fund was founded in 2013. The company allows US-accredited investors to buy cryptocurrency investment products in a regulated environment through traditional market instruments. It is part of the Digital Currency Group (DCG) conglomerate owned by Barry Silbert.
In December, it became known that the liquidation of GBTC is seen as one of the options to solve the financial problems of Grayscale. The liquidity crisis of brokerage company Genesis had a negative impact on the crypto market and the parent company. According to analysts at Bernstein, there are only three options to save DCG: raise capital, sell non-strategic assets to save Grayscale, or liquidate GBTC.
On January 9, the discount on GBTC shares decreased by 11,56%, amounting to -38,55% against par value. The price per unit then reached $9,65, the highest since November 15, 2022. As of January 13, it stands at $10,59.
For what Genesis’ liquidity crisis threatens the crypto market, read GetBlock Magazine’s article
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