Grayscale Bitcoin Trust premium rate recovers from -46% to -40% as Cathie Wood’s Ark Invest buying GBTC shares rebuilds confidence in the crypto market. Meanwhile, Binance allocates over $2 billion in BUSD to its Industry Recovery Initiative to help projects recover from liquidity issues following the collapse of crypto exchange FTX.

An independent analyst has confirmed that GBTC owns approximately 633,000 Bitcoin held by its custodian – Coinbase Custody. This comes as Grayscale, the asset manager running the world’s largest bitcoin fund, revealed that it won’t share its proof of reserves with customers.

Ark Invest’s Cathie Wood is bullish on bitcoin and ether, forecasting the former’s price to soar to $1 million by 2030.

Grayscale Investments, the world’s largest crypto asset manager, is facing backlash from the crypto community for not revealing its proof of reserves. Meanwhile, industry experts are blaming it on the regulatory landscape for the loss of trust around transparency in Grayscale’s Bitcoin products. Earlier in June this year, the U.S. Securities and Exchange Commission (SEC) rejected Grayscale’s spot Bitcoin ETF application. Following the rejection, the company challenged the SEC’s decision in the form of a lawsuit.

@ErgoBTC, AKA Ergo, a blockchain researcher with OXT Research, disclosed findings from a community-led effort to trace Grayscale’s Bitcoin Trust (GBTC) reserves in a Twitter thread yesterday. 

The largest Bitcoin (BTC) institutional investment vehicle is coming under suspicion as it trades at a record discount.

Grayscale Bitcoin Trust (GBTC) shares are selling at a record discount of 42.69% to the underlying asset’s value following FTX’s implosion and fears of market contagion.

Ark Investment Management has purchased 315,259 shares of the heavily discounted Grayscale Bitcoin Trust (GBTC) worth $2.8 million.

Cathie Wood's Ark Invest bought shares in Grayscale's Bitcoin Trust (GBTC) on Monday, days after the trust's discount reached a new low.