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Hyperliquid24h $45.66-0.77%

Grayscale bought bitcoin for a decade then became its #1 seller overnight

Grayscale must ensure that GBTC’s share price tracks bitcoin’s price. This requires selling and buying bitcoin every day.

Barry Silbert deletes old tweets amid GBTC selloff

Silbert is under fire after $580 million in outflows from Grayscale’s Bitcoin Trust (GBTC) last week was blamed for a dip in bitcoin’s price.

Grayscale has won a victory in its case against the SEC, with the judge ruling previous denials of GBTC ETF conversion were “arbitrary.”

Usually trading way above bitcoin’s spot price since 2015, Grayscale’s Bitcoin Trust is currently at a -35% discount to its Net Asset Value.

BlockFi says it no longer invests in GBTC as a corporation at all and is merely working on settling some loans that used GBTC as collateral.