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Grayscale Bitcoin Belief (GBTC) Good Funding?

I want to get feedback from the BTC people right here. What are your ideas on GBTC as an funding? I do know you do not “personal” your keys or precise BTC nonetheless, given GBTC’s -41% or so low cost as of scripting this to its NAV, this appears to be a superb alternative to park some cash? If and when GBTC turns into an ETF, you’ll immediately decide up the 41% in addition to any achieve or loss out of your buy worth. The per GBTC share of BTC is at the moment .00091487 BTC. I perceive you will not “personal” that BTC, however every share is backed and equal to this quantity of BTC. GBTC is buying and selling as of writing for 8.90 per share. At present BTC costs, .00091487 BTC calculates to $15.04 USD so this appears to be an amazing funding. Trying ahead to ideas from the group.

27 thoughts on “Grayscale Bitcoin Belief (GBTC) Good Funding?”

  1. Been picking up some recently, think the Grayscale FUD is massively overblown and that it’s a great R/R trade.

    Ofc in the end getting real, self custodized corn is always the simplest and cheapest solution in regards to fees and safety, but I think our friends in this sub will already be sure to emphasize this.

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  2. If the “trust” is truly backed by BTC of .00091487 Per share of GBTC, wouldn’t that cover your shares at that amount of BTC if the share liquidated? GBTC would not be allowed to keep this BTC, it would need to be distributed to the holders of shares at the listed rate of BTC per share.

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  3. GBTC is supposedly the single largest owner of BTC at 643,572 coins? They own 3.065% of BTC in circulation which calculates to over 10B which supports their AUM. So fully backed by owned and verified BTC.

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  4. I’d say yes, it is a good investment, especially if you hold it in a Roth IRA or other tax sheltered account.

    I transferred my entire Roth over to GBTC. Since you can’t hold your own keys in a Roth, this is the closest thing to it.

    The discount is too hard to ignore now so I bought a lot more this past week. The discount will not exist forever and can just as easily evaporate once the market goes bullish again.

    It’s important to remember that the price of GBTC is not pegged to BTC. It trades freely as its own asset. This is why there is sometimes a discount, while other times a premium.

    But yeah, the chance to have exposure to Bitcoin in my Roth was a no brainer. Tax free gains with the potential to outperform the market by wide margins. Even though you don’t get to hold your won keys, GBTC is backed by real Bitcoin which is held by Coinbase Global.

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  5. The idiots on these thread’s…..I’ve held Gbtc since it’s inception. Pre split….have I dumped and rebought? Absolutely. Turned a 500$ play into 10k+. Let it drop to the floor, repeated. And now , I’m waiting to do it again

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  6. Very tempting gamble, since I could use retirement money and/or TFSA, but… Nothing says you’ll ever be able to redeem the BTC or that the discount won’t simply keep increasing (and it’s retirement money; the kind of money you don’t want to gamble)

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  7. It is a good investment if you buy necessary majority of the stock, make the company go private, shut it down, and extract the assets. A couple of ifs I am not sure of – like do they have the coins? Or do you have enough to buy all of it?

    There’s a reason its on “discount” – i.e. the market expects them to burn their value. Did anyone else get this close to “Yes! It’s a good investment”?

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  8. Why trust when you don’t have to? I don’t see the point in investing in any fund/company for ₿ exposure when you are free to own it yourself. You talk about some sort of 41% premium…so? Own your own.

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  9. OP I like where you are coming from and think this is a fine idea. Lots of negativity around Grayscale, DCG, Genesis etc. Most of it totally founded in reality. But some of it is just crypto winter fear. I agree BTC in cold wallet is best….but its not like all BTC exposure needs to be self-custodied. There is a reason third parties exist. I think buying some GBTC right now is a really good idea. Hope that doesnt come back to bite me :/

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  10. Looks like many have covered the various contagion fears in the wake of FTX scandal, but aside from all that and the SEC’s clear vendetta against a spot ETF that would actually make GBTC trade at NAV, I’ll also mention the 2% annual management fee. Sure 2% a year is practically white noise in the volatility of BTC, but considering all they have to do is HODL a stack everyone feels that it’s a bit asinine.

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  11. Well said, I do HODL BTC I own and keep it in cold safe storage. This said, if you consider a 42% discount to NAV with GBTC even paying the 2% still offers a 40% built in upside not even considering BTC’s growth that I feel will happen as we move forward. For that matter BTC could go down 40% more and with GBTC you broke even on the value due to the nice discount. BTC will have an ETF and once that happens like it has in Canada, there will be more than one. GBTC is perfectly positioned to be the first or soon to follow ETF. If you believe in BTC, Grayscale’s BTC holdings being real, and that an ETF is coming for BTC then GBTC is simply a great investment opportunity. I am a long term holder in both BTC and GBTC. Even if an ETF never gets approved which is probability VERY unlikely, GBTC is still a solid opportunity at these significantly discounted prices to NAV.

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  12. It’s at a 41% discount because a lot of people want out. And there aren’t enough people willing to take the risk. So price plummets. Since the price finds a new equilibrium at a 41% discount this means the discount needs to be this high before people are willing to buy it again. That should tell you something.

    Also since you can’t swap the GBTC for real BTC or vice versa, the price of GBTC can really depeg to any value.

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