Units of the fund, when originally launched, represented one tenth of a bitcoin (accounting for the annual management fee of 2%, units now represent 0.09604763 BTC). The shares became the first publicly traded investment vehicle in bitcoin, gaining approval in March and debuting for trade in early May on the US OTC Markets.
When GBTC first debuted for trade, investors were paying premiums of over 100% of bitcoin's value to get their hands on the coveted shares. After the first three weeks, the typical premium settled to between 10% and 25%. The assumption was that investors were willing to pay more to have some secure and regulated bitcoin exposure, and that they were enamored by the first such instrument of its kind.
Despite a monster weekend for bitcoin (BTC/USD) trading, during which bitcoin shot as high as $296 and came into Monday morning hovering near $285, shares of GBTC continued unchanged at $28.00 (representing a premium of only 1.9% to bitcoin's value) for nearly two hours after trading commenced this morning. After briefly jumping to $28.95, they fell as low as $26.68, which translates into a 2.5% discount relative to bitcoin's value.
The shares spent most of the afternoon at $27.25 or $27.35 (discounts of 0.4% and 0.8%, respectively). They jumped to $28.32 as trading closed, bringing them back to a premium of 3.8%.
The shares thus spent nearly half the day trading below the value of their underlying bitcoin, and most of the other half at historically low premium levels.
Today was the first example of such behavior in the shares' brief public history, and continues a trend of GBTC's shrinking edge over its underlying asset. Instances such as this past weekend, where GBTC's last closing price was 1.2% less than bitcoin, as well as that of July 12, when bitcoin soared on Grexit fears, are not counted since GBTC is not traded on weekends.
When we last examined the disappearing premium, we focused on the dissipation of the initial hype and the emergence of other regulated avenues for gaining bitcoin exposure, which lessen GBTC's appeal.
Worth Investing?
What has also become apparent is the limited supply of shares for secondary trading. While this can, and has, contributed to a shortage in supply and upward pressure on the traded price, it may also be contributing to outsized swings in the other direction.
It is worth noting, however, that today's volume of 12,736 shares was the highest since mid-July, and roughly 6x the 30-day average.
Also worth considering is how much investors are willing to pay for a security that automatically loses 2% of its bitcoin-based value per annum due to management fees. The fund is passively managed. The main value-add is the security of the bitcoins, which are stored by Xapo and are insured for certain types of loss. Over the long term, bitcoin will have to produce sufficient returns to justify the fees. After ten years, only 81.7% of the original bitcoin investment remains.
It is therefore understandable if investors begin attributing discounted value to the shares, especially if cheaper regulated alternatives exist.
A large investor in GBTC shares, who spoke to Finance Magnates on condition of anonymity, expressed concern over how the shares will track their underlying bitcoin in the long-term. His bitcoin holdings have been profitable, but his GBTC positions have now underperformed. Ultimately, however, he believes that the discounted valuations present a good buying opportunity.
Correction: An earlier version of this article stated that each share of GBTC represents one tenth of a bitcoin. In fact, the value was originally 0.1 BTC, but accounting for the 2% management fee, has been decreasing periodically and is currently 0.09604763 BTC. The figures in the article have been recalculated accordingly.
The ~0.8% reduction in GBTC value between May and October that is attributable to the 2% fee is still grossly insufficient to account for the total reduction in GBTC’s relative value, as observed in the charts. The article’s claims of historically low/negative premium levels on October 26 are therefore maintained.
Units of the fund, when originally launched, represented one tenth of a bitcoin (accounting for the annual management fee of 2%, units now represent 0.09604763 BTC). The shares became the first publicly traded investment vehicle in bitcoin, gaining approval in March and debuting for trade in early May on the US OTC Markets.
When GBTC first debuted for trade, investors were paying premiums of over 100% of bitcoin's value to get their hands on the coveted shares. After the first three weeks, the typical premium settled to between 10% and 25%. The assumption was that investors were willing to pay more to have some secure and regulated bitcoin exposure, and that they were enamored by the first such instrument of its kind.
Despite a monster weekend for bitcoin (BTC/USD) trading, during which bitcoin shot as high as $296 and came into Monday morning hovering near $285, shares of GBTC continued unchanged at $28.00 (representing a premium of only 1.9% to bitcoin's value) for nearly two hours after trading commenced this morning. After briefly jumping to $28.95, they fell as low as $26.68, which translates into a 2.5% discount relative to bitcoin's value.
The shares spent most of the afternoon at $27.25 or $27.35 (discounts of 0.4% and 0.8%, respectively). They jumped to $28.32 as trading closed, bringing them back to a premium of 3.8%.
The shares thus spent nearly half the day trading below the value of their underlying bitcoin, and most of the other half at historically low premium levels.
Today was the first example of such behavior in the shares' brief public history, and continues a trend of GBTC's shrinking edge over its underlying asset. Instances such as this past weekend, where GBTC's last closing price was 1.2% less than bitcoin, as well as that of July 12, when bitcoin soared on Grexit fears, are not counted since GBTC is not traded on weekends.
When we last examined the disappearing premium, we focused on the dissipation of the initial hype and the emergence of other regulated avenues for gaining bitcoin exposure, which lessen GBTC's appeal.
Worth Investing?
What has also become apparent is the limited supply of shares for secondary trading. While this can, and has, contributed to a shortage in supply and upward pressure on the traded price, it may also be contributing to outsized swings in the other direction.
It is worth noting, however, that today's volume of 12,736 shares was the highest since mid-July, and roughly 6x the 30-day average.
Also worth considering is how much investors are willing to pay for a security that automatically loses 2% of its bitcoin-based value per annum due to management fees. The fund is passively managed. The main value-add is the security of the bitcoins, which are stored by Xapo and are insured for certain types of loss. Over the long term, bitcoin will have to produce sufficient returns to justify the fees. After ten years, only 81.7% of the original bitcoin investment remains.
It is therefore understandable if investors begin attributing discounted value to the shares, especially if cheaper regulated alternatives exist.
A large investor in GBTC shares, who spoke to Finance Magnates on condition of anonymity, expressed concern over how the shares will track their underlying bitcoin in the long-term. His bitcoin holdings have been profitable, but his GBTC positions have now underperformed. Ultimately, however, he believes that the discounted valuations present a good buying opportunity.
Correction: An earlier version of this article stated that each share of GBTC represents one tenth of a bitcoin. In fact, the value was originally 0.1 BTC, but accounting for the 2% management fee, has been decreasing periodically and is currently 0.09604763 BTC. The figures in the article have been recalculated accordingly.
The ~0.8% reduction in GBTC value between May and October that is attributable to the 2% fee is still grossly insufficient to account for the total reduction in GBTC’s relative value, as observed in the charts. The article’s claims of historically low/negative premium levels on October 26 are therefore maintained.
Why You Should Consider Investing in These Three Cryptocurrencies
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Sherwan Zeybo | FXGT | Executive Interviews
Sherwan Zeybo | FXGT | Executive Interviews
Sherwan Zeybo | FXGT | Executive Interviews
Sherwan Zeybo | FXGT | Executive Interviews
In this video, Sherwan Zeybo, Head of Business Development at @fxgtofficial , discusses the growth and development of the CFD broker since its inception in 2019. Starting with a small team, FXGT has expanded to over 280 employees and obtained multiple licenses across various jurisdictions. Sher highlights the broker's commitment to providing security, transparency, and a comprehensive trading environment for clients. Sherwan also mentions upcoming developments, including a new trading app and a web trading platform, as well as a copy trading and social trading platform.
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In this video, Sherwan Zeybo, Head of Business Development at @fxgtofficial , discusses the growth and development of the CFD broker since its inception in 2019. Starting with a small team, FXGT has expanded to over 280 employees and obtained multiple licenses across various jurisdictions. Sher highlights the broker's commitment to providing security, transparency, and a comprehensive trading environment for clients. Sherwan also mentions upcoming developments, including a new trading app and a web trading platform, as well as a copy trading and social trading platform.
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In this video, Sherwan Zeybo, Head of Business Development at @fxgtofficial , discusses the growth and development of the CFD broker since its inception in 2019. Starting with a small team, FXGT has expanded to over 280 employees and obtained multiple licenses across various jurisdictions. Sher highlights the broker's commitment to providing security, transparency, and a comprehensive trading environment for clients. Sherwan also mentions upcoming developments, including a new trading app and a web trading platform, as well as a copy trading and social trading platform.
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In this video, Sherwan Zeybo, Head of Business Development at @fxgtofficial , discusses the growth and development of the CFD broker since its inception in 2019. Starting with a small team, FXGT has expanded to over 280 employees and obtained multiple licenses across various jurisdictions. Sher highlights the broker's commitment to providing security, transparency, and a comprehensive trading environment for clients. Sherwan also mentions upcoming developments, including a new trading app and a web trading platform, as well as a copy trading and social trading platform.
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In our discussion with Rhonda K. Müller, CEO of Muinmos, during iFX EXPO International, she covered regulatory changes impacting the trading industry, particularly focusing on new frameworks like MICA and Dora. She highlights the positive effects of regulation, such as increased order and transparency, and predicts that these changes will ignite more competition in the crypto market. Rhonda also touches on the rising trend of prop trading and anticipates future regulations in this area to ensure legitimacy. Finally, she shares Mooz's commitment to digitization and connectivity, aiming to provide comprehensive solutions from investor protection to risk profiling.
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In our discussion with Rhonda K. Müller, CEO of Muinmos, during iFX EXPO International, she covered regulatory changes impacting the trading industry, particularly focusing on new frameworks like MICA and Dora. She highlights the positive effects of regulation, such as increased order and transparency, and predicts that these changes will ignite more competition in the crypto market. Rhonda also touches on the rising trend of prop trading and anticipates future regulations in this area to ensure legitimacy. Finally, she shares Mooz's commitment to digitization and connectivity, aiming to provide comprehensive solutions from investor protection to risk profiling.
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In our discussion with Rhonda K. Müller, CEO of Muinmos, during iFX EXPO International, she covered regulatory changes impacting the trading industry, particularly focusing on new frameworks like MICA and Dora. She highlights the positive effects of regulation, such as increased order and transparency, and predicts that these changes will ignite more competition in the crypto market. Rhonda also touches on the rising trend of prop trading and anticipates future regulations in this area to ensure legitimacy. Finally, she shares Mooz's commitment to digitization and connectivity, aiming to provide comprehensive solutions from investor protection to risk profiling.
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In our discussion with Rhonda K. Müller, CEO of Muinmos, during iFX EXPO International, she covered regulatory changes impacting the trading industry, particularly focusing on new frameworks like MICA and Dora. She highlights the positive effects of regulation, such as increased order and transparency, and predicts that these changes will ignite more competition in the crypto market. Rhonda also touches on the rising trend of prop trading and anticipates future regulations in this area to ensure legitimacy. Finally, she shares Mooz's commitment to digitization and connectivity, aiming to provide comprehensive solutions from investor protection to risk profiling.
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In our discussion with Rhonda K. Müller, CEO of Muinmos, during iFX EXPO International, she covered regulatory changes impacting the trading industry, particularly focusing on new frameworks like MICA and Dora. She highlights the positive effects of regulation, such as increased order and transparency, and predicts that these changes will ignite more competition in the crypto market. Rhonda also touches on the rising trend of prop trading and anticipates future regulations in this area to ensure legitimacy. Finally, she shares Mooz's commitment to digitization and connectivity, aiming to provide comprehensive solutions from investor protection to risk profiling.
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In our discussion with Rhonda K. Müller, CEO of Muinmos, during iFX EXPO International, she covered regulatory changes impacting the trading industry, particularly focusing on new frameworks like MICA and Dora. She highlights the positive effects of regulation, such as increased order and transparency, and predicts that these changes will ignite more competition in the crypto market. Rhonda also touches on the rising trend of prop trading and anticipates future regulations in this area to ensure legitimacy. Finally, she shares Mooz's commitment to digitization and connectivity, aiming to provide comprehensive solutions from investor protection to risk profiling.
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Tom Higgins | Gold-i
Tom Higgins | Gold-i
Tom Higgins | Gold-i
Tom Higgins | Gold-i
Tom Higgins | Gold-i
Tom Higgins | Gold-i
In this interview, Tom Higgins, CEO of Gold-i, discusses the convergence of crypto and FX liquidity. He explains the challenges of accessing crypto liquidity and how different execution methods, such as iceberg orders, help manage large transactions. Tom addresses the impact of AI in trading, emphasizing its use in sentiment analysis and trading pattern recognition. He also talks about the significance of Bitcoin ETFs in boosting institutional confidence in crypto markets. Lastly, Tom outlines the growth and future plans for Gold-i, focusing on enhancing their Matrix Net technology and expanding their role in crypto liquidity aggregation.
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In this interview, Tom Higgins, CEO of Gold-i, discusses the convergence of crypto and FX liquidity. He explains the challenges of accessing crypto liquidity and how different execution methods, such as iceberg orders, help manage large transactions. Tom addresses the impact of AI in trading, emphasizing its use in sentiment analysis and trading pattern recognition. He also talks about the significance of Bitcoin ETFs in boosting institutional confidence in crypto markets. Lastly, Tom outlines the growth and future plans for Gold-i, focusing on enhancing their Matrix Net technology and expanding their role in crypto liquidity aggregation.
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In this interview, Tom Higgins, CEO of Gold-i, discusses the convergence of crypto and FX liquidity. He explains the challenges of accessing crypto liquidity and how different execution methods, such as iceberg orders, help manage large transactions. Tom addresses the impact of AI in trading, emphasizing its use in sentiment analysis and trading pattern recognition. He also talks about the significance of Bitcoin ETFs in boosting institutional confidence in crypto markets. Lastly, Tom outlines the growth and future plans for Gold-i, focusing on enhancing their Matrix Net technology and expanding their role in crypto liquidity aggregation.
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In this interview, Tom Higgins, CEO of Gold-i, discusses the convergence of crypto and FX liquidity. He explains the challenges of accessing crypto liquidity and how different execution methods, such as iceberg orders, help manage large transactions. Tom addresses the impact of AI in trading, emphasizing its use in sentiment analysis and trading pattern recognition. He also talks about the significance of Bitcoin ETFs in boosting institutional confidence in crypto markets. Lastly, Tom outlines the growth and future plans for Gold-i, focusing on enhancing their Matrix Net technology and expanding their role in crypto liquidity aggregation.
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In this interview, Tom Higgins, CEO of Gold-i, discusses the convergence of crypto and FX liquidity. He explains the challenges of accessing crypto liquidity and how different execution methods, such as iceberg orders, help manage large transactions. Tom addresses the impact of AI in trading, emphasizing its use in sentiment analysis and trading pattern recognition. He also talks about the significance of Bitcoin ETFs in boosting institutional confidence in crypto markets. Lastly, Tom outlines the growth and future plans for Gold-i, focusing on enhancing their Matrix Net technology and expanding their role in crypto liquidity aggregation.
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In this interview, Tom Higgins, CEO of Gold-i, discusses the convergence of crypto and FX liquidity. He explains the challenges of accessing crypto liquidity and how different execution methods, such as iceberg orders, help manage large transactions. Tom addresses the impact of AI in trading, emphasizing its use in sentiment analysis and trading pattern recognition. He also talks about the significance of Bitcoin ETFs in boosting institutional confidence in crypto markets. Lastly, Tom outlines the growth and future plans for Gold-i, focusing on enhancing their Matrix Net technology and expanding their role in crypto liquidity aggregation.
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Throwback to FMLS:23 | FMvoices
Throwback to FMLS:23 | FMvoices
Throwback to FMLS:23 | FMvoices
Throwback to FMLS:23 | FMvoices
Throwback to FMLS:23 | FMvoices
Throwback to FMLS:23 | FMvoices
FMvoices are here to confirm all the great things you've heard about our events ✨ At the same time, it's a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo!
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FMvoices are here to confirm all the great things you've heard about our events ✨ At the same time, it's a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo!
Ugnė B., payabl.
Joe Pelley, ActivTrades
William Thomas, BVNK
Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23
#fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage.
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FMvoices are here to confirm all the great things you've heard about our events ✨ At the same time, it's a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo!
Ugnė B., payabl.
Joe Pelley, ActivTrades
William Thomas, BVNK
Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23
#fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
FMvoices are here to confirm all the great things you've heard about our events ✨ At the same time, it's a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo!
Ugnė B., payabl.
Joe Pelley, ActivTrades
William Thomas, BVNK
Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23
#fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
FMvoices are here to confirm all the great things you've heard about our events ✨ At the same time, it's a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo!
Ugnė B., payabl.
Joe Pelley, ActivTrades
William Thomas, BVNK
Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23
#fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
FMvoices are here to confirm all the great things you've heard about our events ✨ At the same time, it's a throwback to our very successful FMLS:23 and we want to give out a special thank you to everyone who took the time to talk to us during the busy hours of the expo!
Ugnė B., payabl.
Joe Pelley, ActivTrades
William Thomas, BVNK
Got FOMO? Register now and secure your spot to the most premium financial event of London 🔗 https://events.financemagnates.com/EmKzD?utm_source=linkedin&utm_campaign=FMvoices-FMLS23&utm_medium=video&RefId=FMvoices+FMLS23
#fmls24 #fmls24 #fmls #fmevents #London #networking #financesummit
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
FMvoices are here to confirm all the great things you've heard about our events ✨ #fmevents #fmls24
FMvoices are here to confirm all the great things you've heard about our events ✨ #fmevents #fmls24
FMvoices are here to confirm all the great things you've heard about our events ✨ #fmevents #fmls24
FMvoices are here to confirm all the great things you've heard about our events ✨ #fmevents #fmls24
FMvoices are here to confirm all the great things you've heard about our events ✨ #fmevents #fmls24
FMvoices are here to confirm all the great things you've heard about our events ✨ #fmevents #fmls24