ProShares Bitcoin Strategy ETF (BITO) Explained
The ProShares Bitcoin Strategy ETF (BITO) is a Bitcoin ETF that tracks the price of Bitcoin using Bitcoin Futures.
Crypto ETFs / ETNs / Trusts / Funds / etc.
This section covers cryptocurrency ETFs, ETNs, trusts, funds, and other such products. For example, this section includes GBTC.
NOTE: The Bitcoin Investment Trust (GBTC) is a trust that holds Bitcoin. Shares of the trust can be purchased on the stock market. The trust holds about 170,000 bitcoins. Each share represents about .092 bitcoins (so if you own 10 shares, you own contracts that represent just under 1 bitcoin). In other words, GBTC isn’t a cryptocurrency. Instead, it represents ownership of a cryptocurrency held in a trust by the Greyscale investments.
Grayscale Plans to Move GBTC to an ETF and Lower Fees
Grayscale has made it clear that their plan is and always has been to lower GBTC fees and move it to an ETF.
What is Up With the GBTC Negative Premium?
Bitcoin (BTC) is holding up well and trading at support levels after making highs a few weeks back. However, traders are selling GBTC in a panic creating a large negative GBTC premium (a GBTC discount).
GBTC Continues to Trade at a Negative Premium
GBTC has traded at a negative premium since tech stocks began to drop and Bitcoin began to find support. The result is you can buy discounted Bitcoin through Grayscale.
GBTC’s Premium Went Negative!
GBTC, which often trades at a high premium traded negative today. Right now, BTC is at $48k and Grayscale is trading under $45.
ETCG is Flirting with a Negative Premium
ETCG is currently trading at or near a negative premium. This is far from the norm for Grayscale products.
GBTC, ETHE, ETCG, and GDLC Trade at Small Premiums LTCN and BCHG at Absurd
Just quickly want to point out that GBTC, ETHE, ETCG, and GDLC are now all reasonable trades while LTCN and BCHG have face-melting premiums.
Bakkt May Merge With Victory Park SPAC
Bakkt may merge with the Victory Park SPAC (VIH). VIH is the stock, VIHAW is the warrant to buy the stock at $11.50, and VIHAU is the stock + 1/2 a warrant.
Ethereum Rallies Toward All-Time High
Ethereum (ETH) has rallied toward its all-time high, and some signs point to a break of the all-time high.
LTCN is Trading at Over 20 Times the Value of LTC
LTCN is trading like Litecoin is worth 20 times what it is worth. LTC is currently worth $60, while LTCN is trading like Litecoin is worth about $1,380.