Coinbase Custody confirmed Grayscale product breakdown, wallet addresses remain undisclosed as GBTC discount reached 50%

1 year ago

Summary:

Grayscale’s integer plus merchandise attraction was backed up by Coinbase’s custodial division.
However, the crypto speech did not merchandise the associated wallet addresses for each product.
The crypto assemblage wallet addresses of the Bitcoin spot and different products aft Genesis disclosed FTX exposure.

Coinbase Custody backed up a merchandise breakdown published by Grayscale implicit the play amid questions from users astir the firm’s integer plus offerings.

While the institution released a merchandise breakdown present confirmed by Coinbase Custody, wallet addresses were withheld citing information concerns. Instead, the entity assured users that assets are harmless and that Coinbase conducts regular on-chain checks to safeguard the underlying cryptocurrencies of each merchandise offering.

7) We cognize the preceding constituent successful peculiar volition beryllium a disappointment to some, but panic sparked by others is not a bully capable crushed to circumvent analyzable information arrangements that person kept our investors’ assets harmless for years.

— Grayscale (@Grayscale) November 18, 2022

The statements issued by some Coinbase and Grayscale received mixed reactions owed to skepticism arsenic aggregate centralized entities similar FTX, Terra, and Three Arrows Capital person burned disconnected billions from crypto portfolios.

Participants besides highlighted that Grayscale owns astir 3.3% of Bitcoin’s marketplace cap, immoderate 635,235 BTC worthy implicit $10 cardinal astatine today’s price. Prior to Terra’s implosion, the Luna Foundation Guard (LFG) held astir 80,000 BTC.

Grayscale Hold 635K BTC, Bitcoin Trust discount eyes 50%,

Amid the unraveling FTX contagion, the discount of Grayscale’s Bitcoin Trust offering widened further. The GBTC discount was adjacent to 50% astatine property clip portion Bitcoin (BTC) spot terms traded astir $16,000, per TradingView data.

Participants besides highlighted that the spot owns astir 3.3% of Bitcoin’s marketplace cap, immoderate 635,235 BTC worthy implicit $10 cardinal astatine today’s price. Prior to Terra’s implosion, the Luna Foundation Guard (LFG) held astir 80,000 BTC.

Analysts foretell a 46% driblet to astir $8,900 if the institution is forced to offload its BTC holdings arsenic the LFG did to support TerraUSD (UST).

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