Digital assets management company Grayscale has halted inflows towards the Grayscale Bitcoin Trust (GBTC) after the fund traded at a 15% discount to the price of the bitcoin (BTC, +4.37%) the trust holds.
Rocked by the wide range of alternate bitcoin trusts and bitcoin that is canadian funds, Grayscale Bitcoin Trust is dealing below the cost of bitcoin for many days. Its sibling, Grayscale Ethereum Trust, has additionally flipped into negative territory. Grayscale is owned by Digital Currency Group.
DCG announced earlier that it could buy as much as $250 million in GBTC stocks today. Repurchasing shares is really a tool that is common organizations trying to increase the price of those stocks by simultaneously creating demand while decreasing the number of shares outstanding. Yesterday, we revealed that Grayscale was hiring nine specialists into the ETF area, perhaps signaling a pivot in its fund’s enterprize model.