The Biggest Bitcoin Fund Has a Problem—One Only the SEC Can Solve

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SEC Chairman Gary Gensler

Evelyn Hockstein-Pool/Getty Images

The world’s largest Bitcoin fund is trading at 73 cents on the dollar. That may look like a bargain if you want crypto in your portfolio. But nothing is really free on Wall Street, including a cut-rate deal on Bitcoin.

Holding $26.2 billion in assets, the Grayscale Bitcoin Trust (ticker: GBTC) owns more of the cryptocurrency than any other fund. A private-placement trust that trades like a stock, GBT has become a popular vehicle to access Bitcoin in equity form. Institutional investors like Morgan Stanley and ARK Invest hold…