It’s been a rough year and change since Bitcoin (BTC 0.34%) peaked in 2021. The leading cryptocurrency has plummeted 59% over the past year, and seen a portfolio-crushing 73% descent since hitting an all-time high just 14 months ago. The implosion of several high-profile digital currency exchanges and platforms has rattled the confidence of traders, but there could be an opportunity in the chaos.

What if I told you that you could buy a position in Bitcoin at a 38% discount? And — no — this isn’t a cruel joke where the trick is just to wait a few months for the denomination itself to get cheaper. The crypto market has shown some signs of stabilizing here. Bitcoin is actually trading slightly higher over the past week as well as the past month.

I’m talking about an opportunity where you can buy $15.94 worth of Bitcoin for less than $10, but — and there’s always a “but” — there’s a catch that may very well scare you away.

It’s a matter of trust

A handful of exchange-traded funds hit the market in the past 15 months, but they’re far from perfect. They don’t own Bitcoin itself, relying instead on futures contracts for the digital currency to participate in the ups and downs of the crypto market. However, Grayscale Investments — a player in the crypto market since its infancy a decade ago — runs a few publicly traded trusts that have direct ownership of the underlying crypto. 

Grayscale Bitcoin Trust (GBTC -3.69%) is its largest offering,…