Граисцале Битцоин Труст се спушта до -35% попуста — нема ЕТФ-а на видику

Since 2015, the publicly traded Grayscale Bitcoin Trust (GBTC) (OTCQX:GBTC) has traded at an average premium of 20% above the spot price of bitcoin. Historically, this trust provided one of the few investment vehicles for institutions seeking bitcoin exposure from a US-regulated, listed, and SEC reporting company. Today, shares of GBTC trade at a historic discount to its Net Asset Value (NAV): -35%.

Specifically, GBTC closed for trading on October 5 at $12.02 per share despite $18.45 per share of bitcoin backing each one.

GBTC trades at a discount because the redemption of shares for bitcoin is not allowed. The trust is a Pacman-like, one-way vehicle; bitcoin goes in but may not be redeemed out.

Grayscale created GBTC in 2013 as a way for investors to gain exposure to the currency without directly holding any in self-custody. GBTC currently manages КСНУМКС битцоин, вреди $ КСНУМКС милијарди at current spot prices. Each of its 692,370,100 shares outstanding is backed by 0.00091723 bitcoin.

Опширније: Тужба у сивим тоновима против СЕЦ-а ескалира ГБТЦ кризу са таоцима

A new Grayscale Investments subsidiary, Grayscale Securities, now manages GBTC. It overtook the duties after Grayscale Investments раскинути a deal with its crypto broker, Genesis. The transfer was friendly; оба Genesis and Grayscale are portfolio companies of Barry Silbert’s Digital Currency Group.

The insurmountable challenge of a bitcoin spot ETF approval

GBTC currently operates as a bitcoin trust. Grayscale sent an application to the SEC to transform it into an ETF. So far, the SEC’s answer has been a definitive no.

Grayscale has even solicited public comments to the SEC using огласне кампање in support of GBTC’s conversion to an ETF. Again, no luck.

In June 2022, the SEC yet again одбијен Grayscale’s application. It also одбијен an application from Bitwise Asset Management to create a bitcoin spot ETF. The GBTC discount worsened even further.

Нијансе сиве су Тужба the SEC and the company’s Chief Legal Officer, Craig Salm, из to the SEC’s denial as “arbitrary and capricious” and “unfair discrimination.”

There’s no mystery about why the SEC denies spot bitcoin ETF applications. Commissioners have reiterated the same denial for five years and Protos previously explained the hold-up: fake and manipulated bitcoin transactions.

The SEC has only approved bitcoin futures-based ETFs so far, deferring to the CFTC’s oversight of commodity futures.

Institutional investor interest could be a factor

Верност објављен a survey in September 2021 indicating that 52% of institutional investors held digital assets in their portfolios. However, 54% of respondents said that volatility is still a significant obstacle. 44% of respondents said they lacked an understanding of digital assets’ fundamentals.

In April 2022, 80% of institutional investors изразио самопоуздање that digital assets could outperform more traditional forms of investment.

Then the Terra LUNA топљење језгра нуклеарног реактора sent shockwaves throughout digital asset markets. Celsius Network, Voyager Digital, and Three Arrows Capital (3AC) filed for bankruptcy in the aftermath, and institutions that expressed investment interest in bitcoin suddenly re-evaluated.

Опширније: Terra’s death spiral is hitting all its crypto friends

In the wake of Terra LUNA’s collapse, institutional short selling хит new highs, with short-bitcoin investment funds receiving inflows of $18 million during the first week of September 2022 alone. Institutions could have проузрокован GBTC’s worsening discount to NAV by dumping shares to meet margin calls on unrelated positions.

The GBTC discount could disappear if Grayscale Investments transforms it into an ETF, or if investors again become willing to pay more of a premium for GBTC’s non-redeemable bitcoin.

NASDAQ, for example, seems confident that institutional interest will remain in general bitcoin markets. Indeed, the giant exchange recently покренуо institutional bitcoin and crypto custody services.

Any investor who is confident that GBTC will convert to an ETF has an opportunity to acquire discounted bitcoin at today’s prices. The GBTC discount could, however, worsen. Also, it’s unclear if — or when — the SEC will approve GBTC’s ETF conversion.

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