> The firm is known to have had large positions in the Grayscale bitcoin Trust ... This (GBTC) is a closed-ended fund that institutional investors have been pi

> The firm is known to have had large positions in the Grayscale bitcoin Trust ... This (GBTC) is a closed-ended fund that institutional investors have been picking up because it's the only way to get 100% bitcoin exposure from something that trades on major stock exchanges. It's not an ETF, although many treat it as such. In the past, its net asset value has traded at a premium to the underlying bitcoin. But in the last couple of years, that's changed. The NAV is now well below the value of the underlying bitcoin. Unlike an ETF, there is no mechanism to keep GBTC's value equal to the underlying bitcoin. The knock-on effects could be surprising. According to this filing: > Grayscale Bitcoin Trust (Btc) (US:GBTC) has 87 institutional owners and shareholders that have filed 13D/G or 13F forms with the Securities Exchange Commission (SEC). These institutions hold a total of 32,132,151 shares. ... https://fintel.io/so/us/gbtc https://fintel.io/so/us/gbtc That 32 million share number translates into about 400 million dollars at the current price/share.