Analysts expect bitcoin to pause at around $40K before its next leg up.
The GBTC shares traded at a discount of 6.6% to net asset value (NAV) on Tuesday, the smallest margin since June 22.
The decline comes as the price of bitcoin fell below the $30,000 threshold.
Kraken is disputing the premise that a wave of GBTC shares hitting the secondary market will drive the price of bitcoin lower.
"This probably has more to do with leveraged funds hedging their long positions in GBTC shares using the CME futures,” one trader said.
The discount is the difference between the price of the underlying bitcoin asset and the value implied by the price of the trust’s shares.
The digital asset manager added large numbers of altcoins to its holdings including horizen and livepeer.
The investment comes a little over a week after Grayscale confirmed that it would convert GBTC into an ETF.
The crypto markets data company said ETFs would solve the problem.
Grayscale's competitive moat is shrinking as rival offerings attract investor money, amid speculation the SEC might be moving to approve a bitcoin ETF.
Earlier today, the investment manager’s parent company, Digital Currency Group, said it authorized the purchase of GBTC shares.
The fund charges a 1.75% management fee and offers custody from Fidelity Digital Asset Services.
The fund noted it would not expose more than 15% of its $2.25 billion in assets to bitcoin.
An ETF could draw institutional money from the Grayscale Bitcoin Trust, a support for the price of the cryptocurrency, the report said.
The Guggenheim Macro Opportunities Fund will now be able to invest up to 10% of its net asset value in the Grayscale Bitcoin Trust.