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- Published: 19 November 2022 19 November 2022
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Hey Readers, Good Morning!
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#BreakingNews ‘#Grayscale Discount’ Widens to Record 43% as #FTX Contagion Spreads
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- Published: 19 November 2022 19 November 2022
- Hits: 77 77
The added pressure comes after Genesis Global Capital – a corporate sibling to bitcoin trust manager Grayscale Investments – halted customer withdrawals from its lending unit this week.
Shares of the Grayscale Bitcoin Trust (GBTC), the world’s largest publicly traded crypto fund, are trading at a new record discount of 43% relative to the price of the underlying bitcoin (BTC).
Crypto analysts are speculating as to the reason, but the added pressure comes after Genesis Global Capital, an arm of Digital Currency Group (DCG), owner of Grayscale Investments, which manages GBTC, announced this week that it would halt customer withdrawals from its lending unit – stemming from the fallout from the collapse of Sam Bankman-Fried’s FTX crypto empire. (CoinDesk is an independent subsidiary of Digital Currency Group, known as DCG.)
Grayscale Investments reassured investors on Wednesday that the Genesis was “not a counterparty or service provider for any Grayscale product,” and that Grayscale products would “continue to operate business as usual.”
The GBTC shares have not traded at a premium to the underlying bitcoin since March 2021, according to data from Coinglass, and the discount has widened this year along with distress in crypto markets and the U.S. Securities and Exchange Commission refusal to allow a conversion of the fund into an exchange-traded fund.
GBTC is an investment vehicle that allows U.S. investors to gain exposure to price movements of BTC without buying the asset itself. The crypto fund Three Arrows Capital was a large holder of GBTC, and told Bloomberg in July that arbitrage trading the premium was one of the factors that led to its collapse earlier this year.
For some investors, the recent widening of the discount may have made the vehicle even more attractive: Bloomberg reported that Cathie Wood’s Ark Investment Management bought more than 315,000 shares worth roughly $2.8 million of GBTC shares earlier this week.
This week's move by Genesis has sparked speculation online that Grayscale might alter its current strategy, which consists of keeping the fund going while simultaneously suing the U.S. Securities and Exchange Commission over the agency’s rejection of the ETF conversion.
According to QCP Capital, many observers are now expecting DCG to "use the most liquid part of the business - Grayscale – to shore up Genesis and other parts of the business."
“We had written off a potential sale of GBTC’s BTC assets in our 2022 year outlook, although we never expected it to be under such circumstances,” said QCP in a note Friday.
The friction is that Grayscale would then have to give up rights to a contractual stream of fees, currently 2% of assets under management.
There's also the question of DCG's own holdings of GBTC. In October 2021, DCG said in an announcement it had purchased $388 million worth of GBTC shares.
QCP said that “those expecting GBTC to allow a one-off redemption for Genesis to meet liquidity needs are misguided, as this has to be done with the SEC's approval.”
“With all of the SEC's opposition to GBTC this year, we certainly don't expect this to happen anytime soon," QCP wrote. "On the bright side this also means a low chance of a large one-off BTC selling pressure from this.”
Neither Grayscale Investments nor Digital Currency Group responded to CoinDesk’s request for comment.
Read Full Article Here:
https://www.coindesk.com/markets
/2022/11/18/grayscale-discount-
widens-to-record-43-as-ftx-contagion-spreads/
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- Published: 19 November 2022 19 November 2022
- Hits: 77 77
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#Breakingnews #Altcoingazette #initiates #Newscoverage of #Cryptocurrency and #Internet #ETFs #GBTC and #ARKW on Future #Breakout!
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- Published: 18 November 2022 18 November 2022
- Hits: 74 74
Hey Readers, John T., Editor In Chief of
the Altcoingazette.com here. How are you this
fine day?, I hope all is well with you this
Great Day!
So, I like so many of you, have been doing research
on the Cryptocurrency and internet stock\stonk\cryptocurrency
markets. I Just read that C. Woods just took a position
in Grayscale Bitcoin (GBTC): Grayscale Bitcoin Trust (BTC) is an investment vehicle that enables investors to gain access and exposure to Bitcoin in the form of a security without the challenges of buying, storing, and safekeeping Bitcoin directly. The company was founded on September 13, 2013 and is headquartered in Stamford, CT. GBTC is listed on the OTCQX U.S. market tier. OTC market data is provided by OTC Markets Group, Inc (otcmarkets.com). The listed name for GBTC is Grayscale Bitcoin Trust (BTC) Common Stock.
I have recently also taken a very small position in Grayscale Bitcoin (GBTC), with an average price of $9.54, per share. The news is that GBTC is now trading at a -43% discount, post the FTX crisis.
To me currently purchasing the Grayscale Bitcoin (GBTC), this is like purchasing Citigroup (C) stock shares, at this valuation, of a price/book of 0.52. Citigroup (C) is worth at least book value of $102.80, vs. the current quoted price of $48.49. I also own Citigroup (C) stock shares.
ARKW: ARK Next Generation Internet, announces the purchase of GBTC, representing 4.84% of said fund. Again a value play, that plays out in the future!
In the future, I am considering the purchase of ARKW: ARK Next Generation Internet, however I want the -100% negative Down Trend to reverse. I like that C. Woods is purchasing GBTC at such a discount to it's -43% discount to valuation. This trade is a speculation, however, over time it should work great!
Here is a link to both ARKW and GBTC, when both of these speculations, go Green Buy, on the Breakout, I will certainly add to my positions of such, as long as I am able to chase up the new Uptrend at Higher and Higher prices!
I don't like to Buy the dip, rather probe a market and then allow said market to tell me what it wants to do and then pay up, with higher and higher purchases of said speculations...Trend Readers! A market is Never to High to Buy and never to Low to Sell...because, the Trend...is always my friend!
Bitcoin Invt TR (GBTC): https://www.barchart.com
/stocks/quotes/GBTC/overview
Ark Next Generation Internet ETF (ARKW):
https://www.
barchart.com/etfs-funds
/quotes/ARKW/overview
Readers, notice that both of these speculations are both -100% Red Down Trend! Future Down Trend Reversal pending? Here is my speculation theory, some day in the future, both of these speculations will signal Green Buy! Some day. C. Woods is early. She was also very early in Tesla (TSLA) also. Do you remember that Tesla consolidated for 5 years sideways and then the Breakout to the upside!
I just took a very small position in Tesla (TSLA), I am also purchasing a very small amount of Bitcoin BTCUSD, now each week! I am probing the Bitcoin BTCUSD market with my small purchase of such. However, again when the Trend Indicator for Bitcoin BTCUSD, signals Buy Green, then I add to my winning speculation of Bitcoin BTCUSD at higher and Higher prices! Trend Readers!
https://www.barchart.com/crypto
/quotes/%5EBTCUSD/opinion
Bitcoin BTCUSD is currently saying that I want to go lower because of it's current down Trend...Trend Shifts happen...it should also happen for Bitcoin BTCUSD in the future!
Again a Survey Question: At what price will Bitcoin BTCUSD Trend shift Buy Green? Answer: I have no idea. Second Survey Question: When Bitcoin BTCUSD Trend shift Buy Green? Answer: Again, I have no idea! For me it is just like computer code, of "If Then". "If Bitcoin's Trend shifts to Green, then I chase it up at Higher High prices...I love to pay up for trades! Trend Readers! Trend!
Not Investment Advice Ever...Opinion Only!