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As Three Arrows Capital collapsed under market pressure, its much-lesser known trading desk, TPS Capital, remained active, sources say. But a complex ownership structure might frustrate creditors' efforts to collect.
The discount between the share price of the Grayscale Bitcoin Trust and the equivalent value of its underlying bitcoin has increased to 31% from 28.4%.
Shares of the GBTC are trading at a discount of 29% to bitcoin’s price, down from 34% last week – and there's all sorts of speculation on what it means.
"Market forces,” including a liquidity crunch, are contributing to the pressures on bitcoin and on GBTC, CEO Michael Sonnenshein said on CoinDesk TV’s “First Mover.”