The world’s largest bitcoin fund has a tracking error problem

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Grayscale Investments is the world’s biggest cryptocurrency fund manager. With $37.5 billion of funds under management, it accounts for more than 78% of the assets invested in cryptocurrency funds globally. Yet Grayscale’s flagship product, the Grayscale Bitcoin Trust, often trades far from the net asset value of the bitcoin it holds.

The Grayscale Bitcoin Trust, or GBTC as it is commonly known, trades off exchange on OTC Markets, an operator of over-the-counter venues in the US. Most investors

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