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GBTC could be a fast follower for ETF Conversion (Patreon)

Published:
2021-10-16 22:25:53
Imported:
2022-03

Content

$GBTC #Grayscale filing to convert their ₿ 654,885 #BTC to an ETF. 

Gary Gensler wanted a BTC Futures ETF first before Spot. 

The #SpotBTCETF could be a fast follower.  I always said denying Grayscale would be ludicrous but if it does happen soon could mean extra rocket boosters for BTC. 

Files

Grayscale Investments close to filing application for spot bitcoin ETF, source says

Grayscale Investments plans on filing an application to convert the world's biggest bitcoin fund into a spot ETF early next week, according to a person with knowledge of the matter. The investment firm had intended to file its application to the Securities and Exchange Commission as soon as the agency allowed efforts by competitors for a futures-based bitcoin ETF, said the person.

Comments

Anonymous

Great news!

Anonymous

That will definitely help BTC reach new ATH very easily.

Anonymous

El ef gee

Anonymous

Next stop, ETH ETF'S!

Anonymous

Any idea how long it will take? I’m in the process of transferring all my holding to a self directed IRA so I can get some GBTC. I don’t want to miss out on that discount!

Anonymous

🙌 James!

Anonymous

Yippee 🎉🎉

Anonymous

So excited 🚀😉

Anonymous

Wouldn’t you say futures can be more easily manipulated vs a spot etf? Do you think that’s why this has been done?

Anonymous

Used to have nightmares about tsunamis, now they give me hope!

Anonymous

Does James ever take a day off? (Selfishly, 😈 I hope not!!)

Anonymous

Having trouble reading this, I started sucking on the passive income pipe as well today and it’s got me dizzy. 😆

Anonymous

How does information like this come out on a Saturday afternoon/evening?

Anonymous

Just in case GBTC is denied, what happens to the price of GVTC? I am looking to invest a good chunk, but a little nervous and with the downside might be… Could you clarify?

Anonymous

That would be awesome for BTC and to have GBTC discount shrink back to NAV 😊

Anonymous

Again, James called it correctly. Nostradamus Jr.

Anonymous

Is there a synthetic long opportunity with GBTC now?

Anonymous

Monday GBTC bump 🤞🏻

InvestAnswers
>>69932765

per Gary, he always wanted Futures ETF first. This way big money can manage risk. SPOT ETF was always going to follow but this move by Grayscale is aggressive and prompt.

Anonymous

Do you think this will reduce the current GBTC discount? Sure I would like to buy with the current discount, but that discount seems to only be growing (I remember back in the days GBTC traded at a premium). I don’t want to buy GBTC if it keeps tracking in the direction it has been relative to the true price of BTC (I.e. it’s not keeping up).

Anonymous

OMG - although CDA Rob has the jitters about a Futures ETF Killing the cycle - Justified?

Anonymous

This is all so interesting and exciting! I never thought I would get interested in such things. So different than what I’ve done all these years. Enjoying it and just want to learn more and more! So thankful for you james, IA team and our community.

rscx
>>69932966

If it converts to a spot ETF the discount will automatically disappear overnight, as the price will be required to track BTC spot.

rscx
>>69933026

I don’t think so, people worry that the CME futures trading marked the end of a previous run and that will happen again if a futures ETF happens. But people are falling into the fallacy that this cycle will be the same as the last one. People need to wake up before it becomes a self fulfilling prophecy.

Anonymous

Interesting observation on Twitter. Apologies if I'm repeating here. 75 days for review. That takes us to literally year end. Might be a hell of a pop taking us into Q122 😁🎉

Anonymous

ETFs still have management fees, right?

Anonymous

What is the advantage to being an ETF as opposed to just a stock?

Anonymous

If you want to know how Gary Gensler thinks, type “Gary Gensler MIT” and watch his semester of classes on blockchain that he taught at MIT in Fall 2018. All free. It can get a little deep but not too technical at all and you learn all about the history and what the heck a blockchain is.

Anonymous

I don’t like the idea of a futures ETF. I’m not looking forward to ProFunds doing their usual 3x funds with a high annual fees driving the lower and middle class into the ground.

Anonymous

I read the article and it mentions a 75 day waiting period. Hopefully this is the maximum wait.

Anonymous

Are you still buying BTC at this price James?

Anonymous

Thanks for sharing this James!

Anonymous

According to James’s math, my 9 coins of gbtc are optimistically awaiting the conversion 😁

Anonymous
>>69933687

I believe he said he hasn’t bought any since 41k but that doesn’t mean we shouldn’t!

Anonymous

Hey James, not investment advice of course.. but would you transfer a total of 4 eth over to btc to finally become a whole coiner as market sits now? Or just sit on my eth holdings?

Anonymous

If you pick up GBTC when the discount is 20%, you are basically starting with a 25% gain on your investment. Every multiple of BTC gets you an extra 25%. (If BTC gains 100%, you're at 150%, 200% is 275%) All assuming the discount goes away of course. Sounds too good to be true - Is there any downside here James??

Anonymous

Hi James, I like your stock picks as well, but I had a hard time finding your “Retire on Equities Portfolio”. I know it’s on the resources section, under Resource #1, but having to go over the whole Patreon posts by date to find it, was a bit time consuming to say the least. Respectfully, may I ask for a couple of direct links to it and to the “Retire on Crypto Portfolio” to be placed somewhere on the Discord channel, please? Always grateful for your advice and analysis :-)

Anonymous

Is it worth selling bag of Greyscale Ethe to get a bigger bag of GBTC?

Anonymous

Aww, not sure I like all those commotions, was getting along nicely, but now looks like all the big guys are going to eats us alive. They can’t get my crypto, naw never , it’s for my grandkids and pure ones, not diluted thru those hedge funds and company’s. How do we beat them at their games James,. You genius man , how how , they are going to gobble all the left over!

Anonymous

Thanks to you James I now have a few BTC equivalent ETFs in my Canadian tax sheltered accounts (dropped mutual funds and bonds which were going nowhere). So glad that ETFs are coming to US soon!

Anonymous

I think Elliot Trades is just copying the IA videos. Not good.

rscx
>>69934003

The Patreon posts are all hash-tagged very throughly for search. That should help you find things easier. Also you can also bookmark the links 👍🏼

rscx
>>69934085

Unfortunately we can’t beat them but we can play along by being smart. Remember this is a bullish sign, while no like likes the idea of hedge funds or large institutions buying up BTC, that is also what is going to drive the price up and as people who got in early we stand to make larger gains.

rscx
>>69932891

I could be wrong so definitely verify but I didn’t think GBTC had options available under its current structure. It’s one of the advantages of MSTR.

Anonymous

🚀🚀🚀

Anonymous

Surprised GBTC is just now putting in their application - I had assumed they already applied along with the other companies like Van Eck did 6 months ago. Wonder why they are so late to do it?

Anonymous

Giddity up!

Anonymous

Not a fan. I don't like the idea of anything as pure as BTC being distorted from its original version to a paper traded/ manipulated ticker symbol. Everything thats ever been thrown into the N.Y.S.E. comes out smelling like S.H.I.T.

Anonymous
>>69935096

CCR, a spot ETF is far better for BTC price stability than the futures ETF which Gary Gensler favours. I'd be surprised if Grayscale's application is approved.

Anonymous

If GBTC ETF on BTC gets approval, how will it help? Grayscale is the largest BTC accumulating institutional whale already. Will it be able to convert rhe GBTC into BTC ETF or it will be a fresh start into ETF?

Anonymous
>>69933954

I'm not following the math. Can you show the work coming to that conclusion?

Anonymous
>>69935054

I thought I heard at one point that they only hold the applications for so long and then they must reapply but I’m not 100% sure about that.

Anonymous

Release the Kraken......💥

Anonymous
>>69936065

I think the GBTC will be converted to the Spot ETF and if you get in before it’s converted you get in at a discount. Once it’s converted the discount is gone, but I think because Grayscales ETF is actually backed by BTC it would be the closest thing to BTC you could hold without holding it outright which give those that have money tied up in accounts that don’t allow crypto to gain exposure. Hope that makes sense…lol

Anonymous

Happy I have a bag at 27.27 cost. Roth ira.

Anonymous

Can futures be manipulated like the rat central bankers do with gold and silver? Selling btc on paper that will drive the price down?

Anonymous

Anyone with insight if Grayscale has made any commitments relative to their current 2% fee if Spot ETF conversion is approved ? 2% is not a “low cost ETF in my book.” Further, will the approval be a potential sell the news event, triggering a sell off for GBTC, in particular large institutions who are a large % of the major holders of GBTC, who could take profits & potentially redeploy on BTCN futures contracts? Am i missing something?

Anonymous

https://youtu.be/3raiw9vhnDs

Anonymous

BTW James I literally asked you about dry powder I was contemplating putting to work Wednesday or Thursday with GBTC. Thx for sharing the data point you did, def was not financial advice, but helped me to decide to pull the trigger, TY.

Anonymous

Leo I saw that earlier, if That was in response to the question that I asked thank you I appreciate it but I don’t recall Raul addressing this. Mostly he was addressing the high fees associated with individuals trading futures not institutions and he’s concerned that bitcoin futures affectively take a decentralized model and control it by SEC

Anonymous

Middle man becomes the gatekeeper . Little guy will get f*** eventually . Hopefully we all have a little lead time based on James guidance by just being early. Holding BTC in pristine form is the key .. Everything else could be lost in fees etc… Loving iTrustcapital in-spite of the 1% fee . At least they are transparent

Anonymous

Question. Have family in the UK who would like to get involved with purchasing crypto but we are not based there. Does anyone have any experience with the best exchanges to use? Been reading that UK banks don’t make it easy to transfer to exchanges. So any help would be appreciated!

Anonymous

Question for James - speaking of GBTC. What about ETHE ? No discount there currently . Is it worthwhile selling ETHE and converting to GBTC for the discount and a potential ETF launch ? These are for Retirement accounts BTW . Raul Pal , Crypto George are all bullish on ETH to 15k, 20k, 40k This is for the next Q4 2021, Q1 2022 qtr alone . Need some guidance and expert opinions

Anonymous
>>69941300

I started out with Revolut banking. The fees are higher than an exchange like FTX but it’s super simple app to use. I’ve bought and sold quite a few different crypto and stocks without issue. The biggest downside is that you cant transfer crypto out (other than to other revolut account holders) but this can also be a safety net to stop theft

Anonymous

Sound like I may do well to swap HUT 8 shares for more GBTC. Any reason to hold on to HUT over owning the crypto instead?

Anonymous
>>69941418

This site shows the ETHE discount: https://ycharts.com/companies/ETHE/discount_or_premium_to_nav

Anonymous

So what would that mean to GBTC holders if they converted to an ETF?

Anonymous

What is better to HODL in Roth IRA? MSTR or GBTC?

Anonymous

If GBTC becomes an ETF, will options become available? Would love to write covered calls on GBTC for income.