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As of Wednesday, GBTC traded at a 35.7% discount to the value of its bitcoin holdings, according to data from YCharts. That's up from a discount closer to 45% at the start of this month.
GBTC - which in January received approval to convert from a trust to an ETF - currently has higher fees than its peers, one of the key factors in drawing investors to rival ETFs, Reuters has reported.
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GBTC became an SEC-reporting bitcoin investment fund in 2020. As such, it files publicly available financial disclosure forms, including the quarterly Form 10-Q and annual Form 10-K. [11] In 2021, the company added Grayscale Solana Trust to its portfolio, the 16th such fund it manages. [12] The company managed digital assets totalling $50 billion.
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The agency was forced into action after a landmark court victory by the crypto firm Grayscale and the arrival of major players like BlackRock and Fidelity.
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In a filing with the SEC, MicroStrategy said it spent $5.4 billion to acquire these bitcoins between Nov. 18 and Nov. 24, buying the bitcoin at an average price of $97,862.
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