Grayscale Capital changes strategy in offering zero-premium GBTC

GBTC shares are now on a special offering as Grayscale Capital switch up their strategy.
The private placement window has been reopened, allowing accredited investors to buy shares at face value (rather than paying a premium on secondary markets).

Ken Chigbo Independent Analyst

Grayscale Capital, the producer of exchange-traded shares based on leading digital coins, appear to be shifting its strategy on inviting institutional investors. There has been some changes with its GBTC shares, which are on a special offer, with their Bitcoin (BTC) component at Native Asset Value (NAV).

Shares of the Grayscale Bitcoin Trust (GBTC) typically are sold based on current demand. This also means some investors have in the past been willing to pay a premium compared to spot BTC prices. However now Grayscale aims to boost demand by offering cheaper exposure to BTC.

GBTC reopened its private placement window, which allows accredited investors to buy shares at face value (rather than paying a premium on secondary markets). GBTC holds around 238K Bitcoin. The last time window opened (July), it saw 14K in inflows, about 8 days of miner issuance. A lowered premium is seen as a loss of demand and a negative attitude to BTC.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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