Grayscale, in the Spotlight as GBTC Discount Widens, Says DeFi Fund Now Trading

The debut of the DEFG fund in over-the-counter markets comes as Grayscale’s largest fund, the Grayscale Bitcoin Trust (GBTC), is trading at a record discount and at the center of crypto-market speculation.

AccessTimeIconDec 9, 2022 at 1:30 p.m. UTC
Updated Dec 9, 2022 at 5:10 p.m. UTC

Grayscale Investments, manager of the world’s biggest publicly traded bitcoin fund, said a new decentralized finance (DeFi) fund has started trading on over-the-counter markets.

The trading debut for the new fund, under the symbol “DEFG,” comes as the shares of Grayscale’s largest fund, the Grayscale Bitcoin Trust (GBTC), are trading a record 47% discount to the value of the underlying cryptocurrency. Grayscale has said it’s operating business as usual, but speculation about the fund’s future has arisen among traders and on Twitter in recent weeks amid swirling questions about the finances of Grayscale’s parent company, Digital Currency Group, after a halt in crypto lending operations at another subsidiary, Genesis Global Capital. (CoinDesk is also a subsidiary of Digital Currency Group.)

Similar to Grayscale’s other multi-asset investment vehicles, the DeFi fund is designed to give investors exposure to price movements of a basket of digital assets through a single investment vehicle via the stock market instead of buying the cryptocurrencies directly. DEFG tracks the CoinDesk DeFi Index (DFX), which includes the likes of Aave (AAVE), Uniswap (UNI) and Compound (COMP).

The components of the fund will be evaluated on a quarterly basis, according to the press release.

This is Grayscale’s 15th digital currency investment product to trade on OTC markets, according to the press release.


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Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.