Grayscale Investments is a leading digital currency asset manager, offering investors exposure to various cryptocurrencies through its suite of publicly quoted trusts. These products provide a traditional investment avenue for assets like Bitcoin and Ethereum, often serving as a benchmark for institutional interest. Understanding the composition and performance of these holdings is crucial for any investor monitoring the digital asset space.
This article provides a detailed breakdown of Grayscale's current trust holdings, including key metrics such as the number of coins held, their total value, and the premium or discount at which the trust shares trade relative to the underlying asset's spot price.
Detailed Breakdown of Grayscale Trust Holdings
The following data offers a snapshot of the holdings across Grayscale's various cryptocurrency trusts. It is important to note that these figures are dynamic and change over time due to market fluctuations and institutional flows.
| Currency | Amount Held | Value Held ($) | Primary Market Price | Secondary Market Price | Premium/ Discount | 24H Change | 7D Change | 30D Change |
|---|---|---|---|---|---|---|---|---|
| BTC | 184.3k BTC | $20.239B | $86.47 | $86.07 | -0.46% | 307.33 | -887.18 | -3590.53 |
| ETH | 2.63M ETH | $6.732B | $29.89 | $29.71 | -0.60% | 0.00 | 0.00 | 0.00 |
| BCH | 392.2k BCH | $194M | $4.22 | $3.79 | -10.19% | -26.86 | -188.02 | -806.75 |
| ETC | 11.1226M ETC | $189M | $13.57 | $8.14 | -40.01% | -761.82 | -5334.16 | -22878.88 |
| LTC | 2.0185M LTC | $178M | $7.32 | $7.16 | -2.19% | -138.24 | -968.14 | -4152.20 |
| SOL | 528.4k SOL | $80.8M | $11.19 | $11.23 | 0.36% | -36.23 | -253.45 | -413.30 |
| XLM | 117M XLM | $28.67M | $20.28 | $20.48 | 0.99% | -8048.26 | -56349.39 | -241687.76 |
| LINK | 1.1955M LINK | $16.43M | $12.36 | $19.77 | 59.95% | -81.89 | -573.35 | 596.90 |
| ZEC | 392.6k ZEC | $16.06M | $3.20 | $3.68 | 15.00% | -26.89 | -188.32 | -807.68 |
| MANA | 29.5148M MANA | $7.99M | $2.48 | $2.01 | -18.95% | -2021.69 | -14154.81 | -60711.27 |
| ZEN | 961.3k ZEN | $7.01M | $0.62 | $0.58 | -6.45% | -65.81 | -461.00 | -1977.23 |
| FIL | 2.004M FIL | $4.80M | $2.16 | $3.12 | 44.44% | -137.28 | -961.08 | 24854.51 |
| LPT | 614.1k LPT | $3.85M | $5.64 | $6.00 | 6.38% | -42.07 | -294.53 | -1263.27 |
| BAT | 25.4998M BAT | $3.30M | $1.17 | $1.25 | 6.84% | -1746.67 | -12229.30 | -52452.59 |
Understanding Key Metrics
- Primary/Secondary Market Price: The primary market price refers to the net asset value (NAV) per share of the trust. The secondary market price is the price at which the trust's shares trade on public OTC markets like OTCQX.
- Premium/Discount: This is a critical metric. It shows the percentage difference between the secondary market share price and the NAV per share. A negative percentage indicates the trust is trading at a discount to its underlying asset value, while a positive percentage indicates a premium. 👉 Explore more strategies for analyzing market premiums
- Value Held: The total U.S. dollar value of the cryptocurrency held by the trust, calculated using the primary market price.
- Change Columns: These show the net change in the number of coins held over the specified time periods (24 hours, 7 days, 30 days). Positive numbers indicate net inflows (purchases), while negative numbers indicate net outflows (redemptions or sell-offs).
A Closer Look at Grayscale Bitcoin Trust (GBTC)
The Grayscale Bitcoin Trust (GBTC) is the largest and most well-known product in Grayscale's lineup. It allows investors to gain exposure to Bitcoin's price movements without the challenges of directly buying, storing, and safekeeping the digital currency.
As of the latest data, GBTC holds approximately 184,300 BTC, with a total value exceeding $20 billion. The trust's performance, including its premium or discount to NAV, is a closely watched indicator of institutional sentiment toward Bitcoin. Historically, GBTC traded at a significant premium, but market dynamics have recently shifted, often causing it to trade at a discount.
The History of GBTC's Premium and Discount
The premium associated with GBTC has undergone significant changes. In its early years, high demand from accredited investors unable to access spot markets directly drove a sustained premium, sometimes exceeding 40%. This created a unique arbitrage opportunity.
However, with the introduction of competitive products like spot Bitcoin ETFs and changing market conditions, this dynamic has flipped. Since early 2021, GBTC has frequently traded at a discount to its NAV. This shift reflects increased market efficiency, greater availability of alternative investment vehicles, and specific trust structural mechanics.
Monitoring this historical trend is essential for understanding the evolving landscape of institutional crypto investment.
Frequently Asked Questions
What is the Grayscale Bitcoin Trust (GBTC)?
The Grayscale Bitcoin Trust is a publicly quoted investment vehicle that holds Bitcoin. It enables investors to gain exposure to BTC's price performance through a traditional security traded on over-the-counter markets, without the technical complexities of direct ownership.
Why does GBTC trade at a premium or discount?
The trust trades at a premium or discount based on supply and demand for its shares relative to the value of the Bitcoin it holds. A premium indicates high demand for the shares, while a discount often suggests lower demand or the availability of more efficient investment alternatives like ETFs.
How often is Grayscale's holdings data updated?
Grayscale typically updates the holdings data for its digital asset trusts daily. The NAV per share is also calculated and published daily, allowing investors to track the performance and premium/discount in near real-time.
Can the premium be used for arbitrage?
Historically, a persistent premium allowed for a popular arbitrage trade. However, this strategy carried significant risk and has become less viable since the trust began trading at a consistent discount. The market is now generally more efficient.
What other cryptocurrencies does Grayscale offer exposure to?
Beyond Bitcoin, Grayscale offers single-asset trusts for Ethereum, Litecoin, Bitcoin Cash, and several other digital currencies, as well as a diversified fund. Each provides a similar structure for gaining institutional-grade exposure to specific crypto assets.
Is investing in a Grayscale trust the same as buying cryptocurrency?
No. Investing in a trust means buying shares that represent a claim on the underlying crypto asset. You do not directly own the cryptocurrency itself and cannot use it for transactions. It is a securities investment based on the asset's price. 👉 Get advanced methods for digital asset investment