This is interesting for Grayscale Bitcoin Investment Trust (GBTC).
A share initially represented 0.10 ownerhsip of a bitcoin. With expenses paid in bitcoin, according to the last filing in Nov. the representational ownership is now 0.09 followed by about 8 or 9 digits.
The stock is trading at a premium to the bitcoin. At times, it has reached 70 percent.
With the 91 to 1 forward split later next week, the oustanding count of 1.9 million will balloon to 174 million.
So now the buzz is about how liquid (cheap) the shares will be.
At this point, the buzz is about some massive bidding for the post split shares.
Which would imply, if this does occur, the stock trading at an incredible premium to the net asset value.
The stock, in essense, would be way more valuable than the underlying currency.
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