Even with the crisis, Grayscale’s bitcoin fund is “the golden goose.”

As a result of the liquidity crisis caused by the FTX stock market crash, the world’s largest bitcoin (BTC) fund, Grayscale’s GBTC, saw the discount it was already experiencing to the BTC value of its shares increase.

However, for the managers of the fund, Digital Currency Group (DCG), the GBTC fund. would report this year over $200 million, by virtue of the 2% annual fee charged to investors.

A GBTC share is citedat the time of writing, at US$8.12. But if we estimate its Native Asset Value (NAV), the 0.0009140 BTC contained in each share, this should cost 15.38 USD.

This means that GBTC shares are trading 52.7 percent below their value. According to data provided by Grayscale, the stock discount was 35.76 percent at the beginning of November.

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The graph shows that, as of 2021, GBTC shares have moved from a premium to trading below the underlying BTC value of each share. The graph contains data on GBTC discounts through November 5.

The benefits of GBTC for its managers.

The existence of the GBTC fund discount is not new, as it began to appear in early 2021. In part, the discount is due to the restrictions imposed on shareholders. Grayscale does not deliver to shareholders the BTC underlying each share, but they must sell their shares or part of them at the market price.

Any dissolution of the fund could represent the return of the BTC of each share to shareholders. However, this solution is unlikely to be proposed or supported by Grayscale.. Per Ark Invest CEO Cathie Wood, GBTC. represents “Grayscale’s golden goose.”

With a total value of $10.7 billion, or nearly 3 percent of the total bitcoin supply, the bitcoin fund represents a large inflow of capital for Grayscale. This is due to the 2% fee charged to investors.