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News Link • Bitcoin

Is This The Greatest Bitcoin Arbitrage Ever?

• by Tyler Durden

Trading under the ticker GBTC, it is invested exclusively in bitcoin and derives its value solely from the price of bitcoin. According to its prospectus, the Trust's objective is for the NAV per share to track bitcoin's market price...

However, as the chart below shows, while NAV is not far off the price of Bitcoin (multiply the Trust's NAV by 10), the actual traded price of the trust has exploded... to a premium of over 100% in recent days - a record...

GBTC now has a market cap of almost $750 million and offers (for those who can find a borrow) perhaps the greatest bitcoin arbitrage of all time with GBTC trading at a stunning $2000 premium to the underlying Bitcoin it is supposed to track...

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