GBTC Bitcoin Investment Trust Observer - page 44.

marcus_of_augustus

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Eadem mutata resurgo

Quote from: Patel on April 28, 2015, 02:36:23 PM

Quote from: Alley on April 28, 2015, 01:44:32 PM

That's a bid for 1.75 million. Just think when the true ETF COIN comes online and a bid like that comes in. They will have to buy 5000 bitcoins right off the open market to cover the shares.

I don't think the SEC would approve a bitcoin etf

.... it's a done deal.

pinky

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Quote from: Chef Ramsay on April 28, 2015, 04:20:30 PM

Quote from: Patel on April 28, 2015, 02:36:23 PM

Quote from: Alley on April 28, 2015, 01:44:32 PM

That's a bid for 1.75 million. Just think when the true ETF COIN comes online and a bid like that comes in. They will have to buy 5000 bitcoins right off the open market to cover the shares.

I don't think the SEC would approve a bitcoin etf

I'm almost sure they will as I don't think that heavyweight attorney that specializes in this kind of thing has no influence/colleagues in the SEC nor would she take on a knowingly failed case just for extra money because she has a reputation to upkeep. We're not talking defense attorneys here. Wall Street hedge funds have invested in lots of garbage like mortgage-backed securities, derivatives and other worthless junk so they need something like Bitcoin in their portfolio to provide an upside to their valuations as well as something more to sell to their clients who don't want direct exposure to Bitcoin itself.

If big boys (NY banks) want it, they will have it, else forget about it.

Chef Ramsay

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Quote from: Patel on April 28, 2015, 02:36:23 PM

Quote from: Alley on April 28, 2015, 01:44:32 PM

That's a bid for 1.75 million. Just think when the true ETF COIN comes online and a bid like that comes in. They will have to buy 5000 bitcoins right off the open market to cover the shares.

I don't think the SEC would approve a bitcoin etf

I'm almost sure they will as I don't think that heavyweight attorney that specializes in this kind of thing has no influence/colleagues in the SEC nor would she take on a knowingly failed case just for extra money because she has a reputation to upkeep. We're not talking defense attorneys here. Wall Street hedge funds have invested in lots of garbage like mortgage-backed securities, derivatives and other worthless junk so they need something like Bitcoin in their portfolio to provide an upside to their valuations as well as something more to sell to their clients who don't want direct exposure to Bitcoin itself.

Patel

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Quote from: Alley on April 28, 2015, 01:44:32 PM

That's a bid for 1.75 million. Just think when the true ETF COIN comes online and a bid like that comes in. They will have to buy 5000 bitcoins right off the open market to cover the shares.

I don't think the SEC would approve a bitcoin etf

Alley

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That's a bid for 1.75 million. Just think when the true ETF COIN comes online and a bid like that comes in. They will have to buy 5000 bitcoins right off the open market to cover the shares.

gotmilk_

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Activity: 442

Merit: 250

10.2.2015... 1,388,600 shares (http://www.otcmarkets.com/stock/GBTC/profile)
31.3.2015... 1,389,900 shares (http://grayscale.co/bitcoin-investment-trust/)

They are adding new shares. Also it looks like grayscale.co page is updated daily (price and other info).

Kupsi

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9.9.2012: I predict that single digits... <- FAIL

Quote from: JorgeStolfi on April 28, 2015, 11:41:39 AM

Also the supply of BIT shares is rather small and fixed because of the 12 months "maturation" period.

New BIT shares can be created tomorrow, sold to accredited investors, but they can't be sold on the OTC Market for the next 12 months.

JorgeStolfi

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Quote from: Biodom on April 28, 2015, 11:25:01 AM

Quote from: jl2012 on April 28, 2015, 11:12:01 AM

Quote from: Patel on April 28, 2015, 09:49:55 AM

A bid for 5000 btc worth of shares at 350

That's really interesting. I suppose bidders are required to have 100% USD on OTC Markets?

As GBTC is simply a 1/10 of a bitcoin held for more than 1 year, if such bid ($350) persists, it would indicate a 36% premium.
Reason? i don't think that it will stand for long.

The idea is that IRAs can be put into BIT shares (with some indirection) but not into raw BTCs, so there is a potentially large market for the former that is not available for the latter. Also the supply of BIT shares is rather small and fixed because of the 12 months "maturation" period.

Biodom

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Quote from: jl2012 on April 28, 2015, 11:12:01 AM

Quote from: Patel on April 28, 2015, 09:49:55 AM

A bid for 5000 btc worth of shares at 350

That's really interesting. I suppose bidders are required to have 100% USD on OTC Markets?

As GBTC is simply a 1/10 of a bitcoin held for more than 1 year, if such bid ($350) persists, it would indicate a 36% premium.
Reason? i don't think that it will stand for long.

criptix

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Quote from: Patel on April 28, 2015, 09:49:55 AM

A bid for 5000 btc worth of shares at 350

^_+

JK Bears Kiss

jl2012

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Quote from: Patel on April 28, 2015, 09:49:55 AM

A bid for 5000 btc worth of shares at 350

That's really interesting. I suppose bidders are required to have 100% USD on OTC Markets?

jerk

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this could get interesting if we get some asks!

Patel

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A bid for 5000 btc worth of shares at 350

gotmilk_

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Someone is buying 50k at 35$ Cool

coinableS

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Quote

I know this ETF isn't perfect and it's quite remarkable things have moved this far, but if these delays persist, it's a really less-than-perfect way to trade BTC.

But it's not an ETF... Huh

Cconvert2G36

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Updated.

Code:

Maxim Group LLC		   	   100  40.00
Puma Capital, LLC		   100	38.00
Canaccord Genuity Inc		   100	37.50
Citadel Securities		   100	36.00
KCG Americas LLC		   100	35.55                   
Wedbush Securities Inc		   100	31.50
Cantor Fitzgerald & Co             100  25.00
Merriman Curhan Ford & Co	   100	20.00

marcus_of_augustus

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Eadem mutata resurgo

Quote

I know this ETF isn't perfect and it's quite remarkable things have moved this far, but if these delays persist, it's a really less-than-perfect way to trade BTC.

They are patently NOT trading bitcoin.

ensurance982

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Trust me!

Concerning all these delays and uncertainties: If the first trades have gone through at some point, will the process of selling shares be quicker from there on or is it possible that even future sellers may run into these hurdles and have to wait for weeks to get their shares actually sold successfully? I know this ETF isn't perfect and it's quite remarkable things have moved this far, but if these delays persist, it's a really less-than-perfect way to trade BTC.

bobabouey2

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Quote from: David Rabahy on April 27, 2015, 12:08:38 PM

Quote from: teek on April 27, 2015, 11:55:52 AM

based on what you read / your understanding of the documents, what do you expect turn around time to be?

They don't indicate timeframes per se but I am guessing it might take 5 business days or even more until I can actually post a sell. I did not see any obvious ways to take advantage of the techniques to speed things up, e.g. pay for wire transfers, etc. Then again I am not interested in selling at this time. I suppose I could sell a small amount just to prove that it works.

Again, these are just some of my Roth IRA funds; I also have non-retirement Bitcoins that I hold in a few different wallets myself; easy enough. Unfortunately holding Bitcoin in retirement accounts is not easy ... yet. To do so I am obliged to trust a custodian although I haven't finished investigating the so-called self-directed checking-IRA.

From looking at your form, there is an expedited option that, so a motivated seller could be ready to trade much sooner than 5 days.

Also, I am wondering if your situation is a little more complicated as you are dealing with an IRA. Someone holding directly and transferring to a broker may be able to do things quicker.

David Rabahy

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Quote from: teek on April 27, 2015, 11:55:52 AM

based on what you read / your understanding of the documents, what do you expect turn around time to be?

They don't indicate timeframes per se but I am guessing it might take 5 business days or even more until I can actually post a sell. I did not see any obvious ways to take advantage of the techniques to speed things up, e.g. pay for wire transfers, etc. Then again I am not interested in selling at this time. I suppose I could sell a small amount just to prove that it works.

Again, these are just some of my Roth IRA funds; I also have non-retirement Bitcoins that I hold in a few different wallets myself; easy enough. Unfortunately holding Bitcoin in retirement accounts is not easy ... yet. To do so I am obliged to trust a custodian although I haven't finished investigating the so-called self-directed checking-IRA.

Topic: GBTC Bitcoin Investment Trust Observer - page 44. (Read 262371 times)