Grayscale Bitcoin Trust (GBTC)

[KICK1]

Blue Money! $GBTC $BTC Premium Bitcoin

[KICK1]

Yes Siree… $GBTC $BTC

[FooBarAndGrill]

Bustin out that $50K

[FooBarAndGrill]

ETF Flows.

[KICK1]

Brazy Life.

[KICK1]

$BTC $GBC Do You SEE? https://open.spotify.com/track/2e3YoddL43UkaSqhYGqfKz?si=86dcb6e2c0b84486

[KICK1]

Here We Go

[KICK1]

LOL

[KICK1]

Records Being Made! $BTC $GBTC Premium Bitcoin Apes 420 PPP!

[FooBarAndGrill]

The ETF price is tracking par. Looking good.

[skydog526]

GAP UP TODAY!

[FooBarAndGrill]

Par $39.39
$44100 x 0.00089331

[KICK1]

Shout Out Trulieve Bitcoin Tesla Apes! $BTC $GBTC TSLA 420 PPP!

[DCALongRun]

Bankrupt #crypto lender Genesis Global Capital seeks permission from a 🇺🇸 US Bankruptcy Court to liquidate 💵 $1.6B in Grayscale trusts (ETHE, ETCG, and the Grayscale #Bitcoin Trust GBTC) 👀

[FooBarAndGrill]

Arbitrage opportunity here.
$GBTC is sometimes a little under par, sometimes a little over par. An attentive trader COULD play this game.

[Lokotony]

Let us hope

[FooBarAndGrill]

$GBTC is just tracking one thing (bitcoin). You can calculate par value for $GBTC by doing just one multiplication: [ratio x bitcoin price].

[Lokotony]

Oh, I have no doubt THEY are making money. So is Cathy Woods is as well, but ARKK the actual stock symbol is not. So, will we make money from the stock GBTC.

[FooBarAndGrill]

ETF shares are added or deleted as necessary to maintain a specified ratio with the price of $BTC. Don't worry, Grayscale is making plenty of money.
https://etfs.grayscale.com/gbtc

[Lokotony]

I understand that one negative of GBTC is the fees, but I'm not understanding the outflow and how this fund will make money and go up. For example, I have ARKK and I feel like, say COIN were to go up a lot, ARKK should, but it doesn't.

[Lokotony]

Can someone please explain the value of this to me. I'm seeing that this may NOT be of value and will likely not follow the price of BTC on it's way up.

[DCALongRun]

Hedge funds cash in on Grayscale bitcoin ETF conversion.

https://finance.yahoo.com/news/hedge-funds-cash-grayscale-bitcoin-154958116.html

[Lokotony]

Looks like I picked great

[FooBarAndGrill]

ETF flows.

[Cosa]

Might be negative cost basis lol. All those entities were trading their bitcoin for shares of gbtc and selling the arbitrage when the premium was high. Taking 1.5% fees for the last 10 years and on top of that parent company did that share buy back of gbtc when the premium was negative.

[FooBarAndGrill]

re. "bitcoin from 2014"
True. Grayscale is selling $40,000 $BTC having a cost basis @ practically zero.

[Cosa]

Indeed, it protects current holders. But the good thing about the outflow is they have to sell Bitcoin. This allows for better distribution instead of one entity hoarding it. I think they sold about 50,000 bitcoin already.

It will be interesting if the Mt Gox bitcoin will be distributed by end of year. That could add to sell pressure. That’s bitcoin from 2014, all those guys are in massive profits.

[Mikey]

Nevermind, here is the answer:

https://t.co/Pg7kWXW4jx

— EingeLTrade 📈💰 𝕏 (@EingeLtrade) January 23, 2024

[Mikey]

I've read a little about GBTC having to sell a bunch of BTC, but I dont understand what that is all about, can someone explain that to me, or provide a link?

[trunkmonk]

Yup, I said it all before, could not believe the push for it from lemmings, it was surreal. Basically, the boys on Wall Street are much smarter than them by far, very far.

[drobx]

How ironic that Grayscale was the one that pushed to get ETFs okayed, and now they are getting killed. What a bunch of idiots.

[FooBarAndGrill]

The great thing about ETFs ... I don't care whether money flows in or out of $GBTC.

[Cosa]

Sup guys, A lot of you still here! Exited the last of my position today. Been focusing on the coin itself. Hopefully people keep closing their positions it will force them to sell the bitcoin. That will help push price of bitcoin down and we can accumulate more at a cheaper price.

[FooBarAndGrill]

We actually closed at about par $37

[drobx]

Today I sold all my GBTC in my IRAs and used the money to buy BITB. I still have a pretty big chunk in my regular account with a hefty capital gain. I had assumed that GBTC's fee would be competitive with everyone else. Not sure why anyone would buy in at this point.

[FooBarAndGrill]

There are a few large holdings which will be liquidated over the next few months. $GBTC and $BTC.
(1) FTX 22M shares $GBTC
(2) US DOJ 100K $BTC
(3) Mt GOX 142K $BTC
Sucks but is what is.

[FooBarAndGrill]

Par $36.96 this evening
0.00089401 x 41360

[KICK1]

Feeling Froggy Bi$H? $BTC $GBTC I’m An OG Go Bitcoin Apes

https://open.spotify.com/track/0ny5zITdmyNwyTPVzRGscU?si=b4e2123e5a3c4657

[KICK1]

LOL! Look Ahead $BTC $GBTC Was It Cold Nights That Made Me Cold? Premium Bitcoin Apes! Billionaire Demeanor… USA USAA 100 Million Dollar Transaction Limit! Blood Line Is A Lion! 5’s Poppin’ https://open.spotify.com/track/2W10vndZ7uSOKVineVfjOa?si=991aeb4c89cc42a2

[KICK1]

Love it

[FooBarAndGrill]

Par $38.13 this morning
0.00089408 x $42650

[FooBarAndGrill]

Were a lot of accredited investors 'trapped' in GBTC? (With huge ROI)

[KICK1]

Since Bitcoin! $GBTC $BTC 2024-2025 Halving Fun

[FooBarAndGrill]

Watching real-time trades, I see a lot of trades 'burst basket' and 'basket idx' type. Big boys playing.

[trunkmonk]

Been crashing since. Oh my.

[FooBarAndGrill]

Par $38.45 this morning.
0.00089423 x $43,000

[rudik]

Trash is going to crash

[FooBarAndGrill]

Best summary of the situation I've seen.

💡Things to remember during the ETF start-up.

🦖🦕Trad-Fi markets are SLOW 🚨

✅GBTC has been creaming fees off the top, 2%, on ~$27 Billion dollars ( Assets under management, as of today (AUM )).

✅ If you bought, as an example, GBTC 7 years ago today, BTC was $900 per… pic.twitter.com/9a3nxHJp8P

— Kiwi (@BLACK1W1) January 13, 2024

[KICK1]

I bought one on Fidelity lol $BTC $GBTC Premium Crazy… Baptize Florida https://open.spotify.com/track/3yI5oGYRtqR6ycf7UwehF4?si=3e810a2644444acf

[FooBarAndGrill]

par $38.27 right now.