grayscalebitcointrust
The Grayscale Bitcoin Trust trades at a 42% discount to its net asset valueAlmost two years of hedge fund liquidations as well as a year-long bear market create the discountBitcoin looks to be turning the corner, while Grayscale fights the SEC to get GBTC listed as a spot Bitcoin ETF.5 stocks we like better than Grayscale Bitcoin Trust (BTC)Bitcoin is breaking out above its critical $25,000 level, which has been acting as stubborn upside resistance for the last nine months. Briefly trading above $27,000 on Friday morning, Bitcoin looks like it’s trying to mount another bull trend. Q4 2022 hedg...
ValueWalk
Last summer, I recognized an odd phenomenon. An obscure entity named Grayscale Bitcoin Trust (OTCMKTS:GBTC) was slowly cornering the free float in Bitcoin. This was a result of the trust structure where any capital that went in, was converted into Bitcoin, but there was no mechanism in place to ever sell coins and redeem that capital. As a result, GBTC became a growing repository of Bitcoin. At first, it bought a few hundred coins a day, then a thousand, then a few thousand. As the trading volume increased, the inflows also increased. As the inflows increased, the daily bitcoin purchases incre...
ValueWalk
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