Certain esoteric factors can be added to this. Although it isn’t Grayscale’s fault, Chung said, one unknown factor is how much goodwill Grayscale has lost with investors through the years of big NAV discounts. Then there’s the unfortunate circumstance of Grayscale’s owner, Digital Currency Group, having legal woes. “Although, in reality, GBTC is bankruptcy-remote, not every investor understands that. Some may just feel better going to BlackRock or Invesco,” Chung said. (Another DCG division, Genesis, is restructuring in bankruptcy court.)