Today, Wu Blockchain revealed that Grayscale, a Leader in Digital Currency Investing, currently owns 632,000 Bitcoin (BTC) with a value of around $10.5 billion – accounting for 3.28% of the Bitcoin market’s worth.
It is accompanied by an attractive premium rate of minus 45.17%. The company also has over 3 million ETH, with a total cost of $3.6 billion and taking up 2.54% of the Ethereum market’s overall worth.
Grayscale ETH’s premium rate is now minus 59.3%. With the current premium rate being negative 76.69%, the value of having more than 11.84 million Ethereum Classic is around $190 million, or about 8.50% of the currency’s market value.
Moreover, concerns among crypto investors have been raised by the status of the Grayscale Bitcoin Trust (GBTC), the biggest BTC trust in the world.
However, there have been discussions about the fund’s future and whether it is facing problems due to the significant premium relative to its net asset value (NAV).
Grayscale Troubled Bitcoin Trust (GBTC)
The co-founder and CIO of Valkyrie Investments, Steven McClurg, recently announced the company’s intention to assume management of the Grayscale Bitcoin Trust.
The statement addressed the specific difficulties currently facing the GBTC and positioned the Valkyrie team as the most qualified to manage the fund.”
According to a report by Bloomberg on Monday, Nashville-based asset manager Valkyrie Investments announced the launch of the Valkyrie Opportunistic Fund to take advantage of the large discount on Grayscale Investments’ $10.5 billion GBTC product.
The Valkyrie fund intends to increase its ownership of GBTC to realize the total value of the underlying Bitcoin for its investors, which the company stated is a goal it will actively pursue on behalf of its investors.
Valkyrie Investments, Co-founder and CIO, Steven McClurg stated that:
We understand that Grayscale has played an important role in the development and growth of the bitcoin ecosystem with the launch of GBTC, and we respect the team and the work that they have done.
He added that a change is necessary due to recent events involving Grayscale and its related companies. Valkyrie believes it is the best company to manage GBTC and ensure that its investors are treated fairly.
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