Grayscale Bitcoin Trust’s shares fell to a record low by net asset value (NAV).
GBTC shares hit an all-time low of 30.79, according to data from YCharts.
The largest Bitcoin fund has been trading low since February 2021.
GBTC values indicate decreased institutional support, while $18.3 billion in assets under management shrank 49.87%. Institutional companies make up a significant portion of GBTC holders.
While the idea of buying shares at a low price compared to Bitcoin may seem tempting, it is worth remembering that investors should hold the stock for at least half a year before selling it on the secondary market.
Grayscale, meanwhile, continues to struggle to convert its asset into a spot Bitcoin ETF. In a recent meeting with the SEC, the company said such a move would unlock $8 billion in value for investors.
The SEC is expected to announce its decision on the matter before July 6th. The approval of the first spot-based Bitcoin ETF will be a major milestone for cryptocurrencies.
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