Topic: GBTC Bitcoin Investment Trust Observer - page 34. (Read 262354 times)
nice highest volume yet
Nice chunk of the 65s taken out: http://quotes.freerealtime.com/dl/frt/M?IM=quotes&type=Time%26Sales&SA=quotes&symbol=GBTC&qm_page=93229
I came across this link:
http://quotes.freerealtime.com/dl/frt/M?IM=quotes&type=Time%26Sales&SA=quotes&symbol=GBTC&qm_page=93229
Apparently someone paid 200 USD for 0.1 BTC.
http://quotes.freerealtime.com/dl/frt/M?IM=quotes&type=Time%26Sales&SA=quotes&symbol=GBTC&qm_page=93229
Apparently someone paid 200 USD for 0.1 BTC.
I don't think one can go short yet. That constraint should get lifted one month from the date it started trading. There are probably a few hedge funders salivating at the opportunity to short those crazy-high bids.
Also, there is probably a lot of interest from accredited investors to go directly to the trust and buy these shares at par. Those shares in turn will be available for trading in the open markets a year from now.
Isn't it kind of crazy to short an asset with such a low liquidity? I mean mostly actually offering the option to short such an asset. How do you enforce margin-calls, etc. if there aren't enough shares to be bought/sold at reasonable prices, to begin with???
I got burned pretty bad this way with GPRO, the price just kept going higher because of shorts being margin called while shares were still locked up.
I just looked up the chart for GPRO, didn't follow that stock, actually. I bet you're talking about the rally in September 2014, right? Quite a decent rise. Was it really just because shorts were being squeezed!??!
So there's 1,394,600 outstanding shares at the end of April. Being overly conservative, let's say 50% of those are held for 12 months or more
According to the data colelcted by @jl2012, most shares were sold before May/2014, so almost all of them must be mature now. (In one of the filed douments they say that there were some redemptions, and therefore some additional buys not recorded in that table; but, IIRC, they were less than 10% of the total, maybe less than 1%.)
That also implies that those shares were bough at $400+. It truly isn't really a surprise that this few people are actually willing to sell their shares at current prices, and at best sell them at a large markup.
I don't think one can go short yet. That constraint should get lifted one month from the date it started trading. There are probably a few hedge funders salivating at the opportunity to short those crazy-high bids.
Also, there is probably a lot of interest from accredited investors to go directly to the trust and buy these shares at par. Those shares in turn will be available for trading in the open markets a year from now.
Isn't it kind of crazy to short an asset with such a low liquidity? I mean mostly actually offering the option to short such an asset. How do you enforce margin-calls, etc. if there aren't enough shares to be bought/sold at reasonable prices, to begin with???
I got burned pretty bad this way with GPRO, the price just kept going higher because of shorts being margin called while shares were still locked up.
I don't think one can go short yet. That constraint should get lifted one month from the date it started trading. There are probably a few hedge funders salivating at the opportunity to short those crazy-high bids.
Also, there is probably a lot of interest from accredited investors to go directly to the trust and buy these shares at par. Those shares in turn will be available for trading in the open markets a year from now.
Isn't it kind of crazy to short an asset with such a low liquidity? I mean mostly actually offering the option to short such an asset. How do you enforce margin-calls, etc. if there aren't enough shares to be bought/sold at reasonable prices, to begin with???
I don't think one can go short yet. That constraint should get lifted one month from the date it started trading. There are probably a few hedge funders salivating at the opportunity to short those crazy-high bids.
Also, there is probably a lot of interest from accredited investors to go directly to the trust and buy these shares at par. Those shares in turn will be available for trading in the open markets a year from now.
As an insurance plan for whenever they allow shorts you can calculate:
(12 month interest fees for borrowing shares to short + price of buying new shares at current rates) as your cost.
Sort of like a 12 month arbitrage plan.
I don't think one can go short yet. That constraint should get lifted one month from the date it started trading. There are probably a few hedge funders salivating at the opportunity to short those crazy-high bids.
Also, there is probably a lot of interest from accredited investors to go directly to the trust and buy these shares at par. Those shares in turn will be available for trading in the open markets a year from now.
That's false. People don't hold just because they bought at a higher price.
For sure. Most people like to buy high and sell low. /sarcasm
So there's 1,394,600 outstanding shares at the end of April. Being overly conservative, let's say 50% of those are held for 12 months or more
According to the data colelcted by @jl2012, most shares were sold before May/2014, so almost all of them must be mature now. (In one of the filed douments they say that there were some redemptions, and therefore some additional buys not recorded in that table; but, IIRC, they were less than 10% of the total, maybe less than 1%.)
That also implies that those shares were bough at $400+. It truly isn't really a surprise that this few people are actually willing to sell their shares at current prices, and at best sell them at a large markup.
That's false. People don't hold just because they bought at a higher price.
As for the difference in price. GBTC is not exactly Bitcoin. There's some more value in it for certain people. And supply is quite limited compared to Bitcoin and there could be relatively more demand for it.
So there's 1,394,600 outstanding shares at the end of April. Being overly conservative, let's say 50% of those are held for 12 months or more
According to the data colelcted by @jl2012, most shares were sold before May/2014, so almost all of them must be mature now. (In one of the filed douments they say that there were some redemptions, and therefore some additional buys not recorded in that table; but, IIRC, they were less than 10% of the total, maybe less than 1%.)
That also implies that those shares were bough at $400+. It truly isn't really a surprise that this few people are actually willing to sell their shares at current prices, and at best sell them at a large markup.
So there's 1,394,600 outstanding shares at the end of April. Being overly conservative, let's say 50% of those are held for 12 months or more
According to the data colelcted by @jl2012, most shares were sold before May/2014, so almost all of them must be mature now. (In one of the filed douments they say that there were some redemptions, and therefore some additional buys not recorded in that table; but, IIRC, they were less than 10% of the total, maybe less than 1%.)
Well its open, but there's no trading.
I know. 125 shares (~12,5 bitcoins) have been traded today, but, if I understand this correctly, on that page they only really count trades that are at least 100 shares (~10 bitcoins) large and there has not been a single such trade today. Therefore there has not been an opening trade.Really? That would actually explain why there seems to be zero action displayed by that page. I find it highly convoluted and not very helpful, to begin with. Can't we get a decent API that can be implemented into Bitcoinwisdom or Bitcoinity or something?
So there's 1,394,600 outstanding shares at the end of April. Being overly conservative, let's say 50% of those are held for 12 months or more, so 697,000 shares able to be sold as GBTC. So far only ~1500 shares have have been sold OTC, or 0.2% of BIT shares owned by hodlers are willing to sell at the equiv of $650/btc... These guys take "strong hands" to a whole 'nother level.
Well its open, but there's no trading.
I know. 125 shares (~12,5 bitcoins) have been traded today, but, if I understand this correctly, on that page they only really count trades that are at least 100 shares (~10 bitcoins) large and there has not been a single such trade today. Therefore there has not been an opening trade. It looks like GBTC trading won't officially even open today. 
It's hard to say if there is demand when there is no supply whatsoever.
It's hard to say if there is demand when there is no supply whatsoever.
Well its open, but there's no trading.
It looks like GBTC trading won't officially even open today.
It's hard to say if there is demand when there is no supply whatsoever.
It's hard to say if there is demand when there is no supply whatsoever.
Bids
Asks
Code:
KCG Americas LLC 550 65.00
Canaccord Genuity Inc 200 65.00
Puma Capital, LLC 100 38.00
Citadel Securities 109 36.00
Maxim Group LLC 50000 35.00
Automated Trading Desk, LLC 1150 25.00
Cantor Fitzgerald & Co 100 25.00
Merriman Curhan Ford & Co 100 20.00
Asks
Code:
KCG Americas LLC 100 93.00
Canaccord Genuity Inc 1 299.95
GBTC data from OTCQX page at end of day:
Date day's price range day's volume
---------------+----------------------+-------------
2015-05-04 37.98 -- 42.00 765
2015-05-05 55.00 -- 94.86 435
43.5 BTC
Did somebody call it a turd yet?
Ah, right... it was me.
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