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GBTC acted similar to a closed-end fund, which meant it lacked the inherent arbitrage mechanism that enables market makers to create or redeem shares at their discretion.“The bitcoin always existed in the trust but the lack of a redemption mechanism led to the massive discount to the underlying asset value,” explained Farrell.

“Most importantly this hurt a lot of individual investors as they underperformed the benchmark but also led to massive credit blowups since the product was used as collateral throughout the space.”Previously, liquidity was only available over-the-counter in the secondary market, but now that the fund has been converted to an ETF, Authorized Participants are able to create and redeem ETF shares at NAV, tethering the market price of the ETF to its NAV, said Matt Kunke, crypto research analyst at GSR, in an interview with CoinDesk.“As a result, the premium/discount will likely only vary by a few basis points from par moving forward,” added Kunke.Looking forward, Farrell noted that it will be interesting to see how the discounts to NAV on Grayscale’s Ethereum Trust (ETHE) performs now that the probability of an eventual spot ether ETF approval has risen.Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe.

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