For those companies wanting to day trade there is an appeal to paying above market rate for those shares which have passed the 1 year mark and can be fully traded though I doubt that they would really want to be paying $380. Maybe in reality more like $25 or $50 above the exchange rate.
Seems a risky business. Investor buys a batch at 20% premium over the BTC price, but the next day another 100'000 shares mature and their owner puts them for sale, at a 10% discount.
That may be the reason why there are no real bids yet. Most of the 1.4 million extant shares are mature. Who knows how many will be put for sale as soon as Greyscale's carrier turtles deliver the certificates...
Well if the investor has bought at a 20% premium then surely that sets the market value so shares maturing the next day are unlikely to be marked down as much as 10% if the seller thinks they can sell at the 20% premium trading was at the previous day.
My (amateur) reasoning is that the shares which have matured (and OTC traded) are worth more than brand new shares bought today which cannot be traded for 1 year. Some companies may prefer to buy and hold in which case new shares are fine but some may want a % of matured shares which can be freely bought & sold. So company A then sells mature shares at a premium to company B and immediately buys new shares to the same value as the sale for a net gain with the catch that the new shares will be 1 year locked. Company B (who might have been late to the party) then gains shares that can be freely traded or simply sold if they wanted cut their losses & get out.
Someone will have performed a risk analysis for this stock and set appropriate targets for the portfolio % and maybe a stop loss. That may require that a % of the stocks are mature so they can be instantly sold if a stop loss is hit and this makes these stocks worth paying above market value for.
That said this is bitcoinland so who knows. I still believe that there will be plenty of negotiation going on here behind the scenes. That said every company listed on the Bid side is also listed on the Ask side which I assume suggests they have shares to sell so does that mean there are no new buyers ? Maybe this will be a damp squib with companies holding shares only having each other to sell to.
Apologies if this is a bit ramshackle, I struggled with the wording and re-wrote this a few times !
Either way those turtles need to speed up.