Today, the fund that trades as GBTC is down over 25% on the day. Yet BTC itself is up 2%. I attribute the drop to the impending launch of BTC futures on the CBOE, CME, and Nasdaq. So Anatoly was right, in a way. The effect on BTC itself remains to be seen.

This fund, which is not an ETF, has traded at a premium as high as 100% over NAV, and was trading at an 80% premium yesterday. A more sophisticated investor could have invested directly in the Trust by buying shares at NAV. After a 1-year lockup, one could have a GBTC share cert issued, and sell the shares at the premium. But people were foolishly buying shares of this product, perhaps so they could have BTC exposure in a tax-advantaged account.


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