As Morningstar has pointed out, Grayscale has the right to fix this themselves, but they choose not to. They allude to the fact that Grayscale takes a generous

As Morningstar has pointed out, Grayscale has the right to fix this themselves, but they choose not to. They allude to the fact that Grayscale takes a generous fee from the managed capital being a possible reason they don’t. > Grayscale has the power to flip this dynamic. Issuers of closed-end funds can redeem shares at the NAV; this allows investors to sell their shares back to the trust, which would close the discount. Using the example above, investors could exchange their $0.85 trust shares in for the $1.00 of Bitcoin it represents. […] > Yet the redemption option might be unpalatable for Grayscale. It would result in lower assets under management, as Grayscale would need to deliver Bitcoin to investors trading in its shares. The firm charges a whopping 2.00% management fee on trust shares (another factor that drives differences between the share price and the underlying Bitcoin), which it may be reluctant to give up with a smaller asset base. https://www.morningstar.com/articles/1068472/the-problems-with-the-worlds-biggest-bitcoin-fund https://www.morningstar.com/articles/1068472/the-problems-wi...