With $1.5 Billion Under Management Grayscale Bitcoin Trust Slides 30%

Prior to the market carnage on March 12, the Grayscale Bitcoin Trust (GBTC) had acquired over 300,000 BTC. Grayscale’s trust has been one of the longest-running FINRA approved investment vehicles with bitcoin assets under management. On Feb. 5, GBTC shares climbed more than 10% that week and investors were also paying a 20-30% premium. Since then and after the market downturn on Thursday, GBTC shares are down 45% from $11.52 to $6.32 per share.

Also read: Market Update: Cryptocurrency Market Cap Sheds $90B, Margin Calls Spike, Futures Slide

The Grayscale Bitcoin Trust Holds More Than 300,000 BTC

When people check the price ticker usually they are gauging the price from one of the multitudes of crypto spot exchanges worldwide. They notice that the price has slid considerably, but what they often don’t see is the adverse effects on other parts of the industry. The market carnage on Thursday saw massive derivatives liquidations, margin calls from…