Grayscale Bitcoin Trust (GBTC)

[bigboard]

CNBC says - GBTC is disaster waiting to happen - This has 150% premium over bitcoin...be careful

https://www.cnbc.com/2017/06/08/this-bitcoin-investment-vehicle-could-be-a-disaster-waiting-to-happen.html


There are many articles on this

You could see this at 400 if another Bitcoin ETF
This is after all OTCBB pump and dump game
At this price who will buy this in OTCBB and watch 50% dump
You are putting lot of money here for little reward
===========================================

BTC holds 174,174 bitcoins, according to the most recent regulatory filing. Multiplying that by the current price of bitcoin and dividing that by the amount of shares outstanding suggests a price in the $250 range. Instead, the price closed Wednesday at $528.

"For investors buying into the fund, such large premiums are a disaster waiting to happen," Sumit Roy wrote in an analysis for ETF.com.

Almost on cue, the trust's price was tumbling Thursday, down more than 8 percent in afternoon trading even as bitcoin rose about 1.5 percent.

A spokesman for the trust's manager, Grayscale, said the firm is prohibited by law from commenting.
==================================
When the game of musical chairs stop here, even if BITCOIN goes up this will sink like rock and the article is correct, you are paying 100+ % premium for this NAV
One fine day they will flush this and drop it by 40-50% to match the bitcoin price. Anyone buying this now is going to lose 50% when the music stops, until then you are gambling and hoping it will work..but you know how hey trick you..and pull the rug when you expect least - Buy BITCOIN instead, not this scary stuff