The recent increase in the price of cryptocurrency has brought various institutional products such as gray funds into the focus of attention.
https://cointelegraph.com/news/25b-investment-firm-adds-riskier-grayscale-gbtc-and-ethe-for-clients?utm_source=cryptorank&utm_medium=rss
Wealthfront allows its clients to access Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE). Wealthfront's investment portfolio includes two cryptocurrency trusts: Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE).
https://blog.wealthfront.com/cryptocurrency-exposure-at-wealthfront/
Topic: Everything you wanted to know about Grayscale BTC Trust but were afraid to ask! - page 30. (Read 17264 times)
July 30, 2021, 08:33:31 PM
July 29, 2021, 09:45:21 PM
After the unlocking of the last batch of GBTC, the continued discount of Bitcoin Trust is undergoing a sharp reversal. This significant reversal may be a signal that investors are confident in the recent recovery of BTC.
https://bitcoinexchangeguide.com/gbtc-discount-sees-a-sharp-reversal-as-the-final-unlock-clears/
https://bitcoinexchangeguide.com/gbtc-discount-sees-a-sharp-reversal-as-the-final-unlock-clears/
July 29, 2021, 12:56:56 PM
...
That is not what I am asking.
I am asking from where you got this quote:
>>>>>>>>>>
Quote
Grayscale Bitcoin Trust does not currently operate a redemption program and may halt creations from time to time. There can be no assurance that the value of the shares will approximate the value of the Bitcoin held by the Trust and the shares may trade at a substantial premium over or discount to the value of the Trust's Bitcoin. The Trust may, but will not be required to, seek regulatory approval to operate a redemption program.
So, when you invest in Grayscale shares, you are actually locked into that, and the only way to get rid of those is on the secondary market, after a minimum of six months.
<<<<<<<<<<So, when you invest in Grayscale shares, you are actually locked into that, and the only way to get rid of those is on the secondary market, after a minimum of six months.
Do you have a link for the quote source?
There's nothing outlandish in that quote. It's almost entirely taken from their main site
Quote
Grayscale® Bitcoin Trust is currently unavailable Grayscale® Bitcoin Trust private placement is offered on a periodic basis throughout the year and is currently closed.
...
Because each Product does not currently operate a redemption program, there can be no assurance that the value of such Product’s shares will reflect the value of the assets held by such Product, less such Product’s expenses and other liabilities, and the shares of such Product, if traded on any secondary market, may trade at a substantial premium over, or a substantial discount to, the value of the assets held by such Product, less such Product’s expenses and other liabilities, and such Product may be unable to meet its investment objective.
https://grayscale.com/products/grayscale-bitcoin-trust/...
Because each Product does not currently operate a redemption program, there can be no assurance that the value of such Product’s shares will reflect the value of the assets held by such Product, less such Product’s expenses and other liabilities, and the shares of such Product, if traded on any secondary market, may trade at a substantial premium over, or a substantial discount to, the value of the assets held by such Product, less such Product’s expenses and other liabilities, and such Product may be unable to meet its investment objective.
I was ONLY asking for the source of the quote. I was not even questioning the content or the assertions contained therein...
Any member/poster should be providing links or at least saying from where s/he got his quotes... it is just way less confusing rather than any of us having to attempt to search or figure out (the potential puzzle) from where is the quote coming... this ended up being pretty straight forward, from OP, but I had to ask like three times...and no one should even need to ask about these kinds of posting 101 basics, no?
July 29, 2021, 12:46:08 PM
...
That is not what I am asking.
I am asking from where you got this quote:
>>>>>>>>>>
Quote
Grayscale Bitcoin Trust does not currently operate a redemption program and may halt creations from time to time. There can be no assurance that the value of the shares will approximate the value of the Bitcoin held by the Trust and the shares may trade at a substantial premium over or discount to the value of the Trust's Bitcoin. The Trust may, but will not be required to, seek regulatory approval to operate a redemption program.
So, when you invest in Grayscale shares, you are actually locked into that, and the only way to get rid of those is on the secondary market, after a minimum of six months.
<<<<<<<<<<So, when you invest in Grayscale shares, you are actually locked into that, and the only way to get rid of those is on the secondary market, after a minimum of six months.
Do you have a link for the quote source?
There's nothing outlandish in that quote. It's almost entirely taken from their main site
Quote
Grayscale® Bitcoin Trust is currently unavailable Grayscale® Bitcoin Trust private placement is offered on a periodic basis throughout the year and is currently closed.
...
Because each Product does not currently operate a redemption program, there can be no assurance that the value of such Product’s shares will reflect the value of the assets held by such Product, less such Product’s expenses and other liabilities, and the shares of such Product, if traded on any secondary market, may trade at a substantial premium over, or a substantial discount to, the value of the assets held by such Product, less such Product’s expenses and other liabilities, and such Product may be unable to meet its investment objective.
https://grayscale.com/products/grayscale-bitcoin-trust/...
Because each Product does not currently operate a redemption program, there can be no assurance that the value of such Product’s shares will reflect the value of the assets held by such Product, less such Product’s expenses and other liabilities, and the shares of such Product, if traded on any secondary market, may trade at a substantial premium over, or a substantial discount to, the value of the assets held by such Product, less such Product’s expenses and other liabilities, and such Product may be unable to meet its investment objective.
July 29, 2021, 01:51:53 AM
Quote
Grayscale Bitcoin Trust does not currently operate a redemption program and may halt creations from time to time. There can be no assurance that the value of the shares will approximate the value of the Bitcoin held by the Trust and the shares may trade at a substantial premium over or discount to the value of the Trust's Bitcoin. The Trust may, but will not be required to, seek regulatory approval to operate a redemption program.
So, when you invest in Grayscale shares, you are actually locked into that, and the only way to get rid of those is on the secondary market, after a minimum of six months.
Repurchase is not supported. Once purchased, it cannot be exchanged for digital currency.So, when you invest in Grayscale shares, you are actually locked into that, and the only way to get rid of those is on the secondary market, after a minimum of six months.
Because this investor wants to cash out, he can only sell his trust shares through the secondary market.
In this way, Grayscale may become one of the largest Bitcoin holders in the market.
I don't disbelieve anything that you are saying here, Kiley33, but really think about the matter, you should be providing a link or describe your source for your above quote. I presume that it is some "official" Grayscale announcement no?
In other words, link or it did not happen.
Moreover, the Grayscale management fee is deducted from the encrypted currency held by Grayscale, because Grayscale Bitcoin Trust does not clearly indicate the trust period, which means that the coins held by the trust will slowly be transferred to Grayscale hands.
I only learned it recently. If my point of view is wrong, I still need my help to point it out, thank you.
I am not questioning your opinion... I am asking you to provide a link to the quote that you provided in your earlier post..
If you quote something in your post, then you should provide a source in order that forum members know from where you got your quote. Do you have a link for that quote?
That is not what I am asking.
I am asking from where you got this quote:
>>>>>>>>>>
Quote
Grayscale Bitcoin Trust does not currently operate a redemption program and may halt creations from time to time. There can be no assurance that the value of the shares will approximate the value of the Bitcoin held by the Trust and the shares may trade at a substantial premium over or discount to the value of the Trust's Bitcoin. The Trust may, but will not be required to, seek regulatory approval to operate a redemption program.
So, when you invest in Grayscale shares, you are actually locked into that, and the only way to get rid of those is on the secondary market, after a minimum of six months.
<<<<<<<<<<So, when you invest in Grayscale shares, you are actually locked into that, and the only way to get rid of those is on the secondary market, after a minimum of six months.
Do you have a link for the quote source?
OP posted it. What I later merged were charts and comments. You can view the first page of OP's post.
So, while each share has a "bitcoin per share" equivalent, the NAV is the US Dollar equivalent of this measure.
As per SEC regulations, The Shares are not freely Transferable. We read on the termsheet, and on the fine print we discover that:
Quote
Eligible for resale in accordance with Rule 144 under the Securities Act after a one-year holding period. Pursuant to Rule 144, once the Product has been subject to the reporting requirements of Section 13 under the Exchange Act for a period of 90 days, the minimum holding period will be shortened from one year to six months. We cannot assure you that a secondary market will develop.
So the subscriber of such shares exposes herself to a 6 months holding window.
At the end of this window she will be free to sell the shares in the open market. Provided that there is one, as Grayscale is not involved in such.
Also, Grayscale is not accepting those shares back, as buyback agreement are not guaranteed:
Quote
Grayscale Bitcoin Trust does not currently operate a redemption program and may halt creations from time to time. There can be no assurance that the value of the shares will approximate the value of the Bitcoin held by the Trust and the shares may trade at a substantial premium over or discount to the value of the Trust's Bitcoin. The Trust may, but will not be required to, seek regulatory approval to operate a redemption program.
So, when you invest in Grayscale shares, you are actually locked into that, and the only way to get rid of those is on the secondary market, after a minimum of six months.
This is released by OP. As per SEC regulations, The Shares are not freely Transferable. We read on the termsheet, and on the fine print we discover that:
Quote
Eligible for resale in accordance with Rule 144 under the Securities Act after a one-year holding period. Pursuant to Rule 144, once the Product has been subject to the reporting requirements of Section 13 under the Exchange Act for a period of 90 days, the minimum holding period will be shortened from one year to six months. We cannot assure you that a secondary market will develop.
So the subscriber of such shares exposes herself to a 6 months holding window.
At the end of this window she will be free to sell the shares in the open market. Provided that there is one, as Grayscale is not involved in such.
Also, Grayscale is not accepting those shares back, as buyback agreement are not guaranteed:
Quote
Grayscale Bitcoin Trust does not currently operate a redemption program and may halt creations from time to time. There can be no assurance that the value of the shares will approximate the value of the Bitcoin held by the Trust and the shares may trade at a substantial premium over or discount to the value of the Trust's Bitcoin. The Trust may, but will not be required to, seek regulatory approval to operate a redemption program.
So, when you invest in Grayscale shares, you are actually locked into that, and the only way to get rid of those is on the secondary market, after a minimum of six months.
July 29, 2021, 01:29:23 AM
Quote
Grayscale Bitcoin Trust does not currently operate a redemption program and may halt creations from time to time. There can be no assurance that the value of the shares will approximate the value of the Bitcoin held by the Trust and the shares may trade at a substantial premium over or discount to the value of the Trust's Bitcoin. The Trust may, but will not be required to, seek regulatory approval to operate a redemption program.
So, when you invest in Grayscale shares, you are actually locked into that, and the only way to get rid of those is on the secondary market, after a minimum of six months.
Repurchase is not supported. Once purchased, it cannot be exchanged for digital currency.So, when you invest in Grayscale shares, you are actually locked into that, and the only way to get rid of those is on the secondary market, after a minimum of six months.
Because this investor wants to cash out, he can only sell his trust shares through the secondary market.
In this way, Grayscale may become one of the largest Bitcoin holders in the market.
I don't disbelieve anything that you are saying here, Kiley33, but really think about the matter, you should be providing a link or describe your source for your above quote. I presume that it is some "official" Grayscale announcement no?
In other words, link or it did not happen.
Moreover, the Grayscale management fee is deducted from the encrypted currency held by Grayscale, because Grayscale Bitcoin Trust does not clearly indicate the trust period, which means that the coins held by the trust will slowly be transferred to Grayscale hands.
I only learned it recently. If my point of view is wrong, I still need my help to point it out, thank you.
I am not questioning your opinion... I am asking you to provide a link to the quote that you provided in your earlier post..
If you quote something in your post, then you should provide a source in order that forum members know from where you got your quote. Do you have a link for that quote?
That is not what I am asking.
I am asking from where you got this quote:
>>>>>>>>>>
Quote
Grayscale Bitcoin Trust does not currently operate a redemption program and may halt creations from time to time. There can be no assurance that the value of the shares will approximate the value of the Bitcoin held by the Trust and the shares may trade at a substantial premium over or discount to the value of the Trust's Bitcoin. The Trust may, but will not be required to, seek regulatory approval to operate a redemption program.
So, when you invest in Grayscale shares, you are actually locked into that, and the only way to get rid of those is on the secondary market, after a minimum of six months.
<<<<<<<<<<So, when you invest in Grayscale shares, you are actually locked into that, and the only way to get rid of those is on the secondary market, after a minimum of six months.
Do you have a link for the quote source?
July 29, 2021, 01:12:49 AM
Quote
Grayscale Bitcoin Trust does not currently operate a redemption program and may halt creations from time to time. There can be no assurance that the value of the shares will approximate the value of the Bitcoin held by the Trust and the shares may trade at a substantial premium over or discount to the value of the Trust's Bitcoin. The Trust may, but will not be required to, seek regulatory approval to operate a redemption program.
So, when you invest in Grayscale shares, you are actually locked into that, and the only way to get rid of those is on the secondary market, after a minimum of six months.
Repurchase is not supported. Once purchased, it cannot be exchanged for digital currency.So, when you invest in Grayscale shares, you are actually locked into that, and the only way to get rid of those is on the secondary market, after a minimum of six months.
Because this investor wants to cash out, he can only sell his trust shares through the secondary market.
In this way, Grayscale may become one of the largest Bitcoin holders in the market.
I don't disbelieve anything that you are saying here, Kiley33, but really think about the matter, you should be providing a link or describe your source for your above quote. I presume that it is some "official" Grayscale announcement no?
In other words, link or it did not happen.
Moreover, the Grayscale management fee is deducted from the encrypted currency held by Grayscale, because Grayscale Bitcoin Trust does not clearly indicate the trust period, which means that the coins held by the trust will slowly be transferred to Grayscale hands.
I only learned it recently. If my point of view is wrong, I still need my help to point it out, thank you.
I am not questioning your opinion... I am asking you to provide a link to the quote that you provided in your earlier post..
If you quote something in your post, then you should provide a source in order that forum members know from where you got your quote. Do you have a link for that quote?
July 28, 2021, 11:07:18 PM
Quote
Grayscale Bitcoin Trust does not currently operate a redemption program and may halt creations from time to time. There can be no assurance that the value of the shares will approximate the value of the Bitcoin held by the Trust and the shares may trade at a substantial premium over or discount to the value of the Trust's Bitcoin. The Trust may, but will not be required to, seek regulatory approval to operate a redemption program.
So, when you invest in Grayscale shares, you are actually locked into that, and the only way to get rid of those is on the secondary market, after a minimum of six months.
Repurchase is not supported. Once purchased, it cannot be exchanged for digital currency.So, when you invest in Grayscale shares, you are actually locked into that, and the only way to get rid of those is on the secondary market, after a minimum of six months.
Because this investor wants to cash out, he can only sell his trust shares through the secondary market.
In this way, Grayscale may become one of the largest Bitcoin holders in the market.
I don't disbelieve anything that you are saying here, Kiley33, but really think about the matter, you should be providing a link or describe your source for your above quote. I presume that it is some "official" Grayscale announcement no?
In other words, link or it did not happen.
Moreover, the Grayscale management fee is deducted from the encrypted currency held by Grayscale, because Grayscale Bitcoin Trust does not clearly indicate the trust period, which means that the coins held by the trust will slowly be transferred to Grayscale hands.
I only learned it recently. If my point of view is wrong, I still need my help to point it out, thank you.
I am not questioning your opinion... I am asking you to provide a link to the quote that you provided in your earlier post..
If you quote something in your post, then you should provide a source in order that forum members know from where you got your quote. Do you have a link for that quote?
July 28, 2021, 10:18:30 PM
Quote
Grayscale Bitcoin Trust does not currently operate a redemption program and may halt creations from time to time. There can be no assurance that the value of the shares will approximate the value of the Bitcoin held by the Trust and the shares may trade at a substantial premium over or discount to the value of the Trust's Bitcoin. The Trust may, but will not be required to, seek regulatory approval to operate a redemption program.
So, when you invest in Grayscale shares, you are actually locked into that, and the only way to get rid of those is on the secondary market, after a minimum of six months.
Repurchase is not supported. Once purchased, it cannot be exchanged for digital currency.So, when you invest in Grayscale shares, you are actually locked into that, and the only way to get rid of those is on the secondary market, after a minimum of six months.
Because this investor wants to cash out, he can only sell his trust shares through the secondary market.
In this way, Grayscale may become one of the largest Bitcoin holders in the market.
I don't disbelieve anything that you are saying here, Kiley33, but really think about the matter, you should be providing a link or describe your source for your above quote. I presume that it is some "official" Grayscale announcement no?
In other words, link or it did not happen.
Moreover, the Grayscale management fee is deducted from the encrypted currency held by Grayscale, because Grayscale Bitcoin Trust does not clearly indicate the trust period, which means that the coins held by the trust will slowly be transferred to Grayscale hands.
I only learned it recently. If my point of view is wrong, I still need my help to point it out, thank you.
July 28, 2021, 01:25:35 PM
Quote
Grayscale Bitcoin Trust does not currently operate a redemption program and may halt creations from time to time. There can be no assurance that the value of the shares will approximate the value of the Bitcoin held by the Trust and the shares may trade at a substantial premium over or discount to the value of the Trust's Bitcoin. The Trust may, but will not be required to, seek regulatory approval to operate a redemption program.
So, when you invest in Grayscale shares, you are actually locked into that, and the only way to get rid of those is on the secondary market, after a minimum of six months.
Repurchase is not supported. Once purchased, it cannot be exchanged for digital currency.So, when you invest in Grayscale shares, you are actually locked into that, and the only way to get rid of those is on the secondary market, after a minimum of six months.
Because this investor wants to cash out, he can only sell his trust shares through the secondary market.
In this way, Grayscale may become one of the largest Bitcoin holders in the market.
I don't disbelieve anything that you are saying here, Kiley33, but really think about the matter, you should be providing a link or describe your source for your above quote. I presume that it is some "official" Grayscale announcement no?
In other words, link or it did not happen.
July 28, 2021, 01:09:35 PM
<..> and funds are returning to GBTC.
<…>
<…>
How are you stating this? From my spreadsheet all I can see on the primary market is a constant funds outflow (due to management fees) , without any inflow since the beginning of March.
Also, in secondary market, premium is still negative. Something that arbitrage activity should help rising toward zero.
GBTC fund is closed so nothing is going into it. Bottom line shows GBTC premium over secondary. As we can see it's negative (discount) at last data point climbing to around -7%. Top two lines are market price and holdings in $ which is essentially same thing since fund is still closed.
This graph is for BTCC Canadian "Purpose Bitcoin ETF" showing price and AUM in CAD$ so once again they're both climbing because BTC is climbing. Nothing new to see here
July 28, 2021, 03:16:59 AM
Quote
Grayscale Bitcoin Trust does not currently operate a redemption program and may halt creations from time to time. There can be no assurance that the value of the shares will approximate the value of the Bitcoin held by the Trust and the shares may trade at a substantial premium over or discount to the value of the Trust's Bitcoin. The Trust may, but will not be required to, seek regulatory approval to operate a redemption program.
So, when you invest in Grayscale shares, you are actually locked into that, and the only way to get rid of those is on the secondary market, after a minimum of six months.
Repurchase is not supported. Once purchased, it cannot be exchanged for digital currency.So, when you invest in Grayscale shares, you are actually locked into that, and the only way to get rid of those is on the secondary market, after a minimum of six months.
Because this investor wants to cash out, he can only sell his trust shares through the secondary market.
In this way, Grayscale may become one of the largest Bitcoin holders in the market.
July 28, 2021, 01:29:22 AM
<..> and funds are returning to GBTC.
<…>
<…>
How are you stating this? From my spreadsheet all I can see on the primary market is a constant funds outflow (due to management fees) , without any inflow since the beginning of March.
Also, in secondary market, premium is still negative. Something that arbitrage activity should help rising toward zero.
July 27, 2021, 10:46:08 PM
When Amazon’s rumors spread, the price of Bitcoin rose by 14%, and through a short squeeze, short positions of more than $600 million were liquidated within an hour.
Therefore, the premium of Grayscale Bitcoin Trust (GBTC) rebounded sharply. The GBTC premium was close to the zero axis, setting a 2-month high of -3.407.
https://coingape.com/gbtc-premium-rebounds-sharply-with-btc-price-rise-whale-buying-continues/?utm_source=cryptorank&utm_medium=rss
Therefore, the premium of Grayscale Bitcoin Trust (GBTC) rebounded sharply. The GBTC premium was close to the zero axis, setting a 2-month high of -3.407.
https://coingape.com/gbtc-premium-rebounds-sharply-with-btc-price-rise-whale-buying-continues/?utm_source=cryptorank&utm_medium=rss
July 26, 2021, 02:24:14 PM
Take an interest in GrayScale not for the sake of merit, but for the sake of knowledge in the world of cryptocurrencies. Otherwise, your crypto history will contain nothing but the pursuit of the merit.
Fuck merits!!!!!!!
Who needs them?
<…>
Really interesting read. Thank you for submitting it.
I blame my holidays for not being right on the ball.
I blame lack of merits for not meriting you!
Don't be this guy!!!!!!!
The drunk sailor meriter, and now with no smerits ... hahhahahahahha
I know you have a BIG load coming in, but you know what? "Fuck merits. Who needs them?"
July 26, 2021, 12:57:31 PM
<…>
Really interesting read. Thank you for submitting it.
I blame my holidays for not being right on the ball.
I blame lack of merits for not meriting you!
July 26, 2021, 12:35:39 PM
Grayscale presented the toolkit for investors and financial advisors in the form of a 32-page training manual consisting of 24 sections, which explains everything from the monetary conjuncture and the basics of the bitcoin ecosystem to an explanation of the principle of investing in bitcoin.this is a kind of short guide for investors https://grayscale.com/wp-content/uploads/sites/3/2021/07/grayscale-digital-currency-toolkit.pdf
July 26, 2021, 01:12:59 AM
Clients from the commission-free Chase trading application, clients managed by JPMorgan Chase advisors, and some elite clients gain cryptocurrency exposure through products provided by Grayscale Investment and Osprey Funds.
Grayscale recently announced that it has unlocked approximately 16,000 BTC worth of GBTC (Grayscale Bitcoin Trust) stock, and another 40,000 BTC will be unlocked within a six-month lock-up period.
https://cryptodaily.co.uk/2021/07/JPMorgan-Opens-Crypto-Access-To-Retail-Wealth-Clients?utm_source=cryptorank&utm_medium=rss
Grayscale recently announced that it has unlocked approximately 16,000 BTC worth of GBTC (Grayscale Bitcoin Trust) stock, and another 40,000 BTC will be unlocked within a six-month lock-up period.
https://cryptodaily.co.uk/2021/07/JPMorgan-Opens-Crypto-Access-To-Retail-Wealth-Clients?utm_source=cryptorank&utm_medium=rss
July 25, 2021, 09:04:30 PM
Grayscale launches DeFi fund
Fund allocation below:
Uniswap: 50%
Aave: 10%
Compound: 8%
Curve: 7.5%
MakerDAO: 6.5%
SushiSwap: 5%
Synthetix: 4%
Yearn: 3%
UMA: 3%
Bancor: 2%
Fund allocation below:
Uniswap: 50%
Aave: 10%
Compound: 8%
Curve: 7.5%
MakerDAO: 6.5%
SushiSwap: 5%
Synthetix: 4%
Yearn: 3%
UMA: 3%
Bancor: 2%
July 25, 2021, 08:53:07 PM
https://bitcoinexchangeguide.com/grayscale-bitcoin-trust-gbtc-unlocks-coming-to-an-end-they-arent-bearish-but-bullish-for-btc-price/
Institutions need to sell the trust while buying the actual cryptocurrency, which will further reduce the premium, and at the same time exert upward pressure on the cryptocurrency itself, and the price will rise.
Institutions need to sell the trust while buying the actual cryptocurrency, which will further reduce the premium, and at the same time exert upward pressure on the cryptocurrency itself, and the price will rise.
Jump to: