Senate OKs former regulator as Securities and Exchange Commission chief FILE - In this July 30, 2013 file photos, then Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler testifies on Capitol Hill in Washington. The Senate has approved President Joe Biden’s choice of Gensler to head the Securities and Exchange Commission, signaling an emphasis on investor protection for the Wall Street watchdog agency after a deregulatory stretch during the Trump administration. (Source: AP Photo/J. Scott Applewhite) By MARCY GORDON | April 14, 2021 at 2:05 PM EDT - Updated April 14 at 2:05 PM
WASHINGTON (AP) The Senate has approved President Joe Biden’s choice of Gary Gensler to head the Securities and Exchange Commission, signaling an emphasis on investor protection for the Wall Street watchdog agency after a deregulatory stretch during the Trump administration.
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By Vildana Hajric and Katie Greifeld
It keeps getting worse for holders of the Grayscale Bitcoin Trust, which is now trading at a record discount to the value of the digital assets it holds.
The $35 billion fund (ticker GBTC) has lost roughly a fifth of its value since last Friday while Bitcoin tumbled from record highs. That’s helped to widen the difference between the share price and the underlying value of the Bitcoin holdings to roughly negative 19 per cent as of Thursday’s closing prices, according to data compiled by Bloomberg.
Investors are being squeezed in part because of the structure of the trust, which doesn’t allow redemptions like most traditional exchange-traded funds. Owners of the trust must find buyers in the secondary market if they want to sell, which can exacerbate the discount with the price of Bitcoin falling. GBTC has also faced increased competition from Canada, which has approved Bitcoin ETFs while U.S. regulators continue to consider applications.