The reason for the criticism was the introduction of a discount on a financial instrument, against the backdrop of the launch of a bitcoin-ETF in Canada.
Investors of the bitcoin trust (GBTC) investment company Grayscale criticized the organization’s pricing policy. Information about this appeared in an open letter to the board of directors of the project.
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- The appeal was made by Marlton LLC. According to its representatives, the organization is in the top of the largest investors Grayscale Bitcoin Trust, which manages the cryptocurrency. for $ 38.2 million…
- The claim of the investors is that the team of the investment company began to sell GBTC at a reduced price in relation to the real value of the assets.
- Grayscale Bitcoin Trust is a financial instrument, similar to Exchange Traded Funds (ETF), with which you can invest in bitcoin without buying cryptocurrency directly. Traditionally, GBTC has traded at a significant premium to its real value. The fall in the price of the instrument by almost 8% was the reason for the appeal of investors to the Board of Directors of Grayscale.
- Barron’s noted that the decline in the value of GBTC began a few weeks ago – amid the launch of the bitcoin-ETF in Canada. The emergence of competitors in the market, according to analysts, provoked the introduction of a discount on the instrument.
- Earlier, the Grayscale team announced their intention to convert their bitcoin trust into an ETF. If the company’s representatives succeed in implementing the plan, they are confident in Barron’s, the discount on the financial instrument will disappear.
Recall that Grayscale is not the only company whose team claims to be the first to launch bitcoin-ETF in America. Earlier, a number of other projects entered the race.