Another week, another story. There’s as lot of buzz about Grayscale Bitcoin Trust (GBTC), its connection to FTX, DCG (Digital Currency Group), Three Arrows Capital (3AC), and Genesis, its dangerously low discount rate and its risk of being liquidated. It’s pretty entangled. I dug into some of the details on how it all works:
GBTC is the world’s largest cryptocurrency fund, owning about 3.5% of the world’s Bitcoin (643’572 BTC). Since its inception in 2013, it has attracted a large amount of institutional investors.
