$GBTC is on the brink of a collapse if the massive fund uses it as a patch for a $1 billion hole on its balance sheet
as the potential insolvency of Digital Currency Group will most likely cause a catastrophe for long-term GBTC holders, as it will push the fund's discount to a record-breaking 70% to NAV.
At DCG's recent board meeting, the topic of the potential liquidation of its GBTC position has been brought up. By getting rid of the massive position in Grayscale's trust at a significant loss, Digital Currency Group would be able to repay some of its liabilities.Recently, DCG launched an urgent fundraising effort to cover a $1 billion hole on its balance sheets caused by Genesis' insolvency.
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