{"id":38608,"date":"2021-03-09T19:56:40","date_gmt":"2021-03-09T17:56:40","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=38608"},"modified":"2025-08-30T05:37:37","modified_gmt":"2025-08-30T02:37:37","slug":"arcane-research-explains-why-grayscales-gbtc-began-trading-at-a-discount","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/arcane-research-explains-why-grayscales-gbtc-began-trading-at-a-discount\/","title":{"rendered":"Arcane Research explains why Grayscale&#8217;s GBTC began trading at a discount"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Since February 23, Grayscale Bitcoin Trust (GBTC) shares have traded at a discount to the price of the first cryptocurrency, whereas historically they traded at a premium. Arcane Research analysts have found an explanation for this.<\/span><\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Bitcoin as treasury reserve asset \u2014 a global trend?<\/p>\n<p>Over the last week, the trend of adding bitcoin to the corporate balance sheets has turned global, reaching both Norway (Aker) and Hong Kong (Meitu).<\/p>\n<p>Read more in our weekly market report:<a href=\"https:\/\/t.co\/MvCvLHHX82\">https:\/\/t.co\/MvCvLHHX82<\/a><\/p>\n<p>\u2014 Arcane Research (@ArcaneResearch) <a href=\"https:\/\/twitter.com\/ArcaneResearch\/status\/1369293929691176977?ref_src=twsrc%5Etfw\">March 9, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">They noted several reasons for the discount to NAV:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">the emergence of new similar products, the launch of Bitcoin funds, and direct purchases of the first cryptocurrency by individual companies;<\/span><\/li>\n<li><span style=\"font-weight: 400;\">active arbitrage, driven by the end of the lock-up period for GBTC buyers.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Researchers noted that the current situation could prove painful for some arbitrageurs \u2014 if they used leveraged trading, margin calls may follow. To avoid this, traders may have to sell collateral, which could put downward pressure on the Bitcoin price. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Analysts explained that this does not necessarily imply the observed GBTC discount to the price of the first cryptocurrency will persist. This view rests on the assumption that arbitrage participants have, in general, built proper risk-management policies.<\/span><\/p>\n<div id=\"attachment_127407\" style=\"width: 774px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-127407\" class=\"size-full wp-image-127407\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Arcane0903.png\" alt=\"Arcane Research explains why Grayscale GBTC began trading at a discount\" width=\"764\" height=\"581\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Arcane0903.png 764w, https:\/\/u1f987.com\/wp-content\/uploads\/Arcane0903-300x228.png 300w\" sizes=\"auto, (max-width: 764px) 100vw, 764px\" \/><\/p>\n<p id=\"caption-attachment-127407\" class=\"wp-caption-text\">GBTC price dynamics and GBTC premium\/discount to NAV. Data: Arcane Research.<\/p>\n<\/div>\n<p><span style=\"font-weight: 400;\">As of writing, the GBTC discount to Bitcoin price stands at 5.43%.<\/span><\/p>\n<div id=\"attachment_127408\" style=\"width: 1221px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-127408\" class=\"size-full wp-image-127408\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/yCharts0903.png\" alt=\"Arcane Research explains why Grayscale's GBTC began trading at a discount\" width=\"1211\" height=\"378\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/yCharts0903.png 1211w, https:\/\/u1f987.com\/wp-content\/uploads\/yCharts0903-300x94.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/yCharts0903-1024x320.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/yCharts0903-768x240.png 768w\" sizes=\"auto, (max-width: 1211px) 100vw, 1211px\" \/><\/p>\n<p id=\"caption-attachment-127408\" class=\"wp-caption-text\">Dynamics of GBTC premium\/discount to NAV. Data: yCharts.<\/p>\n<\/div>\n<p><span style=\"font-weight: 400;\">In February the crypto-lending platform<\/span> <a href=\"https:\/\/u1f987.com\/en\/news\/blockfi-launches-a-competitor-to-grayscales-bitcoin-trust\"><span style=\"font-weight: 400;\">BlockFi launched a competitor to<\/span><\/a><span style=\"font-weight: 400;\"> Bitcoin Trust from Grayscale Investments.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In January, venture firm<\/span> <a href=\"https:\/\/u1f987.com\/en\/news\/pantera-capital-to-launch-bitcoin-fund-for-institutional-investors\"><span style=\"font-weight: 400;\">Pantera Capital<\/span><\/a><span style=\"font-weight: 400;\"> announced the launch of a fund based on the first cryptocurrency.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Earlier, the investment firm<\/span> <a href=\"https:\/\/u1f987.com\/en\/news\/skybridge-capital-launches-bitcoin-fund-with-310-million-in-assets\"><span style=\"font-weight: 400;\">SkyBridge Capital<\/span><\/a><span style=\"font-weight: 400;\"> launched a Bitcoin fund with assets of $310 million.<\/span><\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forkloglive\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog FEED<\/a> \u2014 all the news, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since February 23, Grayscale Bitcoin Trust (GBTC) shares have traded at a discount to the price of the first cryptocurrency, whereas historically they traded at a premium. Arcane Research analysts have found an explanation for this.<\/p>\n","protected":false},"author":1,"featured_media":38609,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1214,943,1138],"class_list":["post-38608","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-grayscale-bitcoin-trust","tag-grayscale-investments","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38608","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=38608"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38608\/revisions"}],"predecessor-version":[{"id":38610,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/38608\/revisions\/38610"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/38609"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=38608"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=38608"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=38608"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}