:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/2JR36YHBFNGU7CXGGWGONJ5DMY.jpg)
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
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.
Sign up for Crypto Long Short, our weekly newsletter featuring insights, news and analysis for the professional investor.
By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our terms of services and privacy policy.
DISCLOSURE
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
has been updated
.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
strict set of editorial policies.
CoinDesk is an independent operating subsidiary of
Digital Currency Group,
which invests in
cryptocurrencies
and blockchain
startups.
As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of
stock appreciation rights,
which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG
.
Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.
Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.