Inside Bitcoin’s $7 Billion Sunken Treasure

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Illustration by Allison Vu

The world’s largest Bitcoin fund is about to have its day in court. At stake in the fight: a $7.2 billion profit sitting in the fund like sunken treasure, if only anyone could get to it.

On paper, the Grayscale Bitcoin Trust (ticker: GBTC) is the best deal on Bitcoin you can find. The fund’s share price trades at a 47% discount to its underlying net asset value, or NAV, of $15.4 billion in Bitcoin holdings. If it were to trade up to its NAV, investors could scoop up an 87% gain, without Bitcoin’s price budging. At recent prices for the token around $23,700, the discount is worth $7.2 billion.