Everything you wanted to know about Grayscale BTC Trust but were afraid to ask! - page 31.

JayJuanGee

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Self-Custody is a right. Say no to"Non-custodial"

Quote from: Liamttw on July 24, 2021, 01:41:42 AM

During the bull market, Grayscale's Bitcoin Trust managed assets continued to grow, and the trust provided a unique way for investors to access Bitcoin and its market.
https://thehificrypto.substack.com/p/bitcoin-and-the-impending-gbtc-unlock

Oh thought that the GBTC premium was supposed to be narrowing, recently; however according to that chart the premium has stayed pretty flat and does not seem to have narrowed - --- from eyeballing it, the data therein may only go to the end of June-ish.. I am not sure...

Liamttw

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During the bull market, Grayscale's Bitcoin Trust managed assets continued to grow, and the trust provided a unique way for investors to access Bitcoin and its market.
https://thehificrypto.substack.com/p/bitcoin-and-the-impending-gbtc-unlock

Tina H

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When browsing the website, I saw the latest news about grayscale. The increased crypto positions of this multi-billion dollar investment company now total 141,405 shares of Grayscale Bitcoin Trust (GBTC). The investment company claims that its exposure to Bitcoin has increased by at least 269% since April 2021.
BTC and ETH are still very attractive.

https://cryptodaily.co.uk/2021/07/Rothschild-Investment-Bolsters-Grayscale-BTC-and-ETH-Trust-Holdings?utm_source=cryptorank&utm_medium=rss

Kiley33

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This article is simply awesome! This article is worth learning. Although there are many things that I didn't understand when I first read them, I still need to think about it. This article is very useful to all of us.
Because there is a high premium between the GBTC price in the secondary market and Grayscale's official GBTC price. This is why institutional investors buy in large quantities. The difference in interest rates is the real reason for the influx of funds. Although the explanation of this article is very simple, but the content is quite large, it still takes time to understand.

Connor Britton

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https://studio.glassnode.com/metrics?a=BTC&m=addresses.ActiveCount
Investor interest in Bitcoin is rising, and more than half of US investors are interested in buying Bitcoin in 2020. In addition, this year's epidemic is also a strong driving force.

fillippone

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Quote from: ?? on ??

ARK Investment said they bought 140 000 shares Grayscale Bitcoin Trust at $25 each.

When I hear those statement i walkways wonder how and why they bought Greyscale.
The only valid reason to buy GBTC is doing is against selling the future, locking in the negative premium. I know ARK investments shouldn’t have any problem holding BTC, that is for sure a superior choice.

So, please, Katie, let us know your OI on future positions.

Daltonik

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Michael Sonnenshein speaking for the first time as CEO of Grayscale Investments posted an investor letter where he reveals the essence and commitment of the Grayscale Fund to the mission of responsible growth. https://grayscale.com/2021-ceo-midyear-investor-letter/

Quote

To grow responsibly is to acknowledge that our organization needs to have the right policies and procedures in place to ensure we scale thoughtfully. The c-suite executives that have recently joined Grayscale’s leadership team — many from traditional financial services backgrounds with a deep understanding and appreciation for legal and compliance requirements — are working to ensure that responsible growth policies and procedures underscore every part of our business operations.

Quote from: https://twitter.com/Sonnenshein/status/1418270697269387275

Lucius

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Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: ?? on ??

UPD. And one more piece of news was brought up. JPMorgan is now giving its clients access to Grayscale. The bank's clients have access to funds Bitcoin Trust, Bitcoin CTrash Trust, Ethereum Trust, Ethereum Classic Trust.

I know that Grayscale is just another predator that hunts its prey (profit), but they didn't have to be so greedy to give their clients the opportunity to invest in various shitcoins - because that only gives them credibility in the crypto market and even more naive investors will fall into the same trap. When I take a closer look, I see that there are some more coins/tokens that I did not expect to see in their offer.

Does anyone know if this works on the principle "who pay will be included in the offer" or does GS have experts who make such decisions?

https://grayscale.com/products/

Lucius

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Quote from: fillippone on July 21, 2021, 07:47:09 AM

There were a lot of chatter about these unlocks, but I am afraid there also were a lot of misconceptions (I hope I clarified on my previous posts) about these kind of trades.

I think we have witnessed one more in a series of attempts to bring down the price and keep it below $30k, and this time Grayscale was used as a FUD - literally in all media that mean something to crypto, but also to ordinary local newspapers.

Unfortunately, people react to this kind of news without even being aware of what it is about - but now it seems that all attention is focused on the event of the month, as if the fate of Bitcoin depends on what Mr. Mars tonight says Roll Eyes

fillippone

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I am travelling right now and I have scarce access to my spreadsheets here, so I am posting this image that should contain same data:

A large amount of unlocks just happened. Did we have huge impacts on the price? I don’t think so.

There were a lot of chatter about these unlocks, but I am afraid there also were a lot of misconceptions (I hope I clarified on my previous posts) about these kind of trades.

DarkDays

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Quote from: acquafredda on July 19, 2021, 10:37:24 AM

After killing profits with huge premiums now the only move is to get back to business by dismantling the GBTC product and create what is going to be an obvious ETF. Good and bad: good since their experience with GBTC might speed up the process, bad because it is Grayscale Grin

This confirms my initial thought as they do not care about bitcoin unless under it is seen through the lens of a product.

Grayscale has always taken the approach of a business and thus through the lens of a product rather than caring much about BTC per se.

Quote

Anyway, if they pave the road to ETFs that is okay.

The only reason for ETFs integration is also for the same reason of not missing out on potential customers and profit, while these are of course actions to improve their business, at the end of the day id does provide the mutual benefit for ETFs adoption which as of not it is a big step!

Daltonik

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According to the buys report for 7/20 ARK Investment, the ARK Next Generation Internet ETF exchange-traded fund bought an additional 140,157 shares of Grayscale Bitcoin Trust, now it has 9,030,366 shares of GBTC. https://247wallst.com/investing/2021/07/20/cathie-woods-ark-invest-buys-for-7-20/

acquafredda

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The market does not really seem to care. I guess now the only thing that could spice up things a little bit is to have this damned ETF available and approved by th Security and Exchange Commission. I cannot believe we still need this to get a spike up but hopefully that is going to be a trigger for the next wave of institutional money inflow.

fillippone

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Sonnenshein release a mild rly bullish statement about GBTC convention process into ETF.

https://twitter.com/bitcoinmagazine/status/1417107023250997250?s=21

Daltonik

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Rothschild Investment increased its positions in GBTC by 103,059 shares and acquired 13,817 shares of the Ethereum based trust. Now the corporation owns 141,405 shares of GBTC and 279,119 shares of Grayscale Ethereum Trust. https://u.today/rothschild-investment-boosts-its-gbtc-and-ethe-holdings

Quote from: https://twitter.com/MacroScope17/status/1417211611811549192

fillippone

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Quote from: acquafredda on July 19, 2021, 10:37:24 AM

This confirms my initial thought as they do not care about bitcoin unless under it is seen through the lens of a product.

Old news.
We are in an unregulated market, and the price discovery of bitcoin is far from completed. As it is an unregulated market everyone is trying his best to profit from bitcoin.
Grayscale manipulating the market to keep their funds afloat at the expenses of their very own customers.

So, of course they don’t care about bitcoin, in any different way than a conveyor belt of users, and profits, on their pockets. And are getting increasingly efficient at this.

acquafredda

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After killing profits with huge premiums now the only move is to get back to business by dismantling the GBTC product and create what is going to be an obvious ETF. Good and bad: good since their experience with GBTC might speed up the process, bad because it is Grayscale Grin

This confirms my initial thought as they do not care about bitcoin unless under it is seen through the lens of a product.
Anyway, if they pave the road to ETFs that is okay.

fillippone

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Catching up with an old news.
This is an interesting development. Something we actually have always seen as the most probable trajectory for GBTC.

Grayscale Wants to Turn Its Bitcoin Trust into an ETF

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Grayscale, the US investment firm responsible for a mammoth $38.8 billion closed-end Bitcoin trust, has its sights trained on converting the fund into a Bitcoin Exchange-Traded Fund as soon as possible.

"We are 100% committed to converting GBTC into an ETF," said the firm in an announcement today, adding, "The timing will be driven by the regulatory

Also a number of trades, as for example buying cheap GBTC shares waiting for conversion, are also looking at this event as that would immediately impress the premium to 0%.

fillippone

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Quote from: Daltonik on July 15, 2021, 01:23:37 AM

<...>

Very interesting.

But I guess the history is a little bit more complicated than that.

If I had been Blockfi I would have:

Taken BTC from clients
Buy GBTC shares in kind with client BTC
Open a short position on GBTC shares

After six months:

Close the short position on GBTC shares buying back the shares
Sell GBTC shares on the open market

Now, this is a delta neutral strategy that allows me to cash in the premium at the inception of the trade.

Delta neutral means that this strategy payoff is not impacted by the directionality in the market.
The strategy is aimed at capturing the premium, not the bitcoin appreciation.
So I guess this is the BlockFi playbook, not just the buy and hodl.

Daltonik

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A little bit about the "conspiracy theory" and the related one of the shareholders of the Grayscale BlockFi fund and how ultimately loans in bitcoins can affect the value of cryptocurrencies, according to Jarvis Labs.

Quote from: https://twitter.com/cryptomanran/status/1415030937423843330

Quote from: https://twitter.com/MrBenLilly/status/1415353206687813634

Topic: Everything you wanted to know about Grayscale BTC Trust but were afraid to ask! - page 31. (Read 17091 times)