Grayscale Bitcoin Belief (GBTC) is buying and selling at a low cost of 47.35% to the underlying belongings’ web asset worth (NAV) as of Feb. 15 — a document low for the present yr.

GBTC shares are buying and selling for $10.85 after growing by 4.43% within the final 24 hours, in keeping with ycharts information.

Earlier within the yr, the low cost had closed to round 38.55% after community-led efforts to redeem the shares.

Nonetheless, the low cost started to widen once more following the struggles of its guardian firm Digital Forex Group (DCG).

DCG’s hassle stems from the monetary issues at considered one of its subsidiaries — Genesis — which filed for chapter on Jan. 19.

The crypto lender’s chapter introduced elevated fears in regards to the monetary well being of DCG and the way it may affect Grayscale.

Since then, DCG has been attempting to lift funds by promoting a few of its belongings. The asset administration agency offered $22 million of its shares in Grayscale’s Ethereum (ETH) fund. The corporate can be trying to offload its information outlet CoinDesk.

In the meantime, different Grayscale cryptocurrency trusts are buying and selling at increased reductions towards NAV. Grayscale Ethereum Belief is at a 52.80% low cost whereas Grayscale Ethereum Basic Belief is at a 68.13% low cost, in keeping with ycharts information.w