Grayscale Bitcoin Trust (GBTC)

[deadboy]

Man I took a beating on Yahoo for pointing out this is a tracking stock and it needed to come down to get closer back in line with spot Bitcoin.

I too traded this on the long side when it ran into the upper $500s, but that wasn't sustainable. It's a tracking stock with no value other than tracking 1/10th of bitcoin spot price. That's not bashing, that is just stating facts.

Now Bitcoin itself is pulling back, which spells pretty big problems for those holding. GBTC currently still has about a 50% premium over spot. If Bitcoin itself doesn't rally hard soon and keeps pulling back, GBTC will correct to fair value, or possibly even overshoot under.

I'll personally buy back in when this is in the mid-upper 200s, based on how the chart looks. GBTC is a good trading stock if you take it for what it is, and nothing else!