Crypto Trader Tantra to Liquidate After 'GBTC Discount' Widens to Record

, is being wound down after reporting"performance degradation" and failing to raise fresh capital.

Katie Goodman, managing partner at GGG, said she couldn't comment beyond the letter when reached by CoinDesk on her mobile phone. CoinDesk also sought comment from Tantra Labs through multiple platforms, including messages via LinkedIn to several top executives who couldn’t be reached., in which the executive attributed the"severe degradation of the performance in its portfolio" partly to a recent widening in a closely watched crypto markets gauge known as the"GBTC discount.

According to LaCour, the executive board"immediately explored a restructuring of the balance sheet, as well as other strategic options." "Ultimately, after significant discussion and consideration in consultation with outside counsel and other professional advisors, the executive board determined that, in view of all the circumstances, it is in the best interest of the company to wind up operations, liquidate our balance sheet and effectuate an orderly and fair and equitable distribution of our assets."

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