I have all my money in GBTC in my 401k. I know “not my keys not my coin” but it was my only way of buying Bitcoin in my 401k.
I see the bad news of the discount to NAV falling further to 40%+.
I haven’t been too worried about this historically because I don’t plan to sell. But I’m starting to worry that the FTX impact is cascading around the industry.
It makes me worried that the parent company DCG is buying it back to prop up the price? Sounds like the same type of leverage that caused all of these crypto firms to crash. Would rather have a steeper discount.
Think I am OK and will have rights to the underlying bitcoin even if it liquidated?
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