greyscale

🐉 Very few people in CT know this, because it worked in the stock market.

In 2022-2023 there was the largest "Bitcoin treasury" listed on the stock exchange: "Grayscale Bitcoin Trust", with more than 650,000 BTC.

During 2022, Bitcoin’s biggest black swan in history happened: the collapse of Terra/LUNA, 3AC, Celsius, Voyager, and the final blow with FTX.

Grayscale fell apart and its discount reached -50% versus NAV.
While BTC dropped to $16,500, Grayscale’s Bitcoin could be bought for an equivalent of $8,500.

Almost everyone wrote the fund off as dead, and CT chatter claimed that Bitcoin would collapse to below $5,000 / $3,000.

What happened in the end?

- Bitcoin reached a new ATH of $126,000.
- Grayscale didn’t go bankrupt. Quite the opposite: it became a successful spot ETF.
- Those who bought at the 50% discount (at $8,500) achieved returns of more than 1,500% up to the ATH (in just 3 years).

Grayscale survived the ecosystem’s biggest black swan without breaking, precisely because it had real Bitcoin.

Today, many people in CT spread fear about a company that has:

847,363 BTC and trades at only a 5% premium over its mNAV.

It’s really far from reaching a -50% discount.
It has a huge amount of Bitcoin, and unlike 2022, there are no scenarios of systemic collapse or black swan events (exchanges or the ecosystem) in the short or medium term. (The black swan already passed on 10/10/2025)

Knowing a bit of history helps you separate the chaff from the wheat and ignore the noise in CT.

#greyscale #Bitcoin