Bitcoin ETFs Face Largest Discounts Since Inception Amid Cryptocurrency Volatility

The prices of some of the biggest spot-Bitcoin exchange-traded funds (ETFs) closed on Tuesday at their largest discounts to the value of their underlying assets since their launch. This type of dislocation is typically a concerning sign for an ETF, but the chief investment officer of one issuer called it “more an accounting quirk than a real issue” due to the unusual way in which these funds track the value of their Bitcoin assets.