The price of bitcoin has fallen this year, but shares of a trust that was an easy way for investors to gain access to the cryptocurrency fell even more. Tech investor Cathy Wood took notice.
Grayscale Bitcoin Trust
(ticker: GBTC ) is down nearly 70% this year, outpacing the roughly 60% drop in its bitcoin holdings. While the trust has historically traded at a discount to Bitcoin, the gap has recently widened to historic levels of approximately 40%. The gap has widened in part because retail investors, many of whom like the ease of investing in GBTC, are unhappy with Bitcoin.