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Did you configure the transaction with a transaction fee or not? Heck even with one it can take an hour or more for a block to be mined. 10 minutes is just the target average.
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Still, you'd think it would be more streamlined if you have already purchased from them. Have you checked they'd make you go through the whole process again? Yeppers. |
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If I could sell and then use the proceeds to quickly and easily purchase more BIT shares at NAV then of course but there's nothing quick and easy about it. It's the timing that hurts the most. The extra work of proving I am accredited again would be worth it I suppose. But if I miss a rise while out of BIT shares messing around with this game isn't worth the risk to me. How much can BIT shares (Bitcoin) rise in the couple of weeks or more that it would take to move my proceeds back in? I don't want to miss the big party trying to grab a fast gain. I understand. If I was doing arbitrage on bitcoin, I would try to set it up so I can buy and sell at the same time. (I didn't realize you were talking about delays between selling and buying.) If the situation were different, i.e. trivially quick and easy, than I'd arbitrage the hell out of GBTC until it was at parity (taking into account the ~0.1 factor) with BTC. |
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GBTC price will probably continue to be 50-70% above BTC price for next month (or more?). So I guess buying first and than selling isn't so risky... Or? Not saying it is safe to buy, just want to hear your opinion  I suppose the GBTC price comes at a premium because the source (people like me) is constrained and the demand (people like you) is less so. I'm unlikely to change my mind soon so if that's common then the source will continue to be constrained *but* what will you and yours be thinking? Are your funds retirement or non-retirement funds? Playing GBTC is just like playing BTC or anything else. That GBTC is loosely anchored to BTC is only mildly interesting? |
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I thought price would continue to drop as BIT holders began to fear missing out on the arbitrage opportunity. It does not seem like much of an opportunity to me. Although the immediate sell price is great right now, the buying path is encumbered by the delay for the accreditation process (again) besides the additional fees, etc. I'm long-minded; do I really need this hassle? If you are long minded, the delays shouldn't matter? You should be able to double or almost double the shares you sell, right? Are you waiting for an even better arbitrage opportunity? If I could sell and then use the proceeds to quickly and easily purchase more BIT shares at NAV then of course but there's nothing quick and easy about it. It's the timing that hurts the most. The extra work of proving I am accredited again would be worth it I suppose. But if I miss a rise while out of BIT shares messing around with this game isn't worth the risk to me. How much can BIT shares (Bitcoin) rise in the couple of weeks or more that it would take to move my proceeds back in? I don't want to miss the big party trying to grab a fast gain. |
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Btw, my money would be out of Bitcoin for awhile risking missing out on a rise until I could get back in. I fully understand that I could hedge that with non-retirement funds but then when I close the hedge I'd have a capital transaction to report; nuisance.
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New volume record, $300k traded at $50+.
I thought price would continue to drop as BIT holders began to fear missing out on the arbitrage opportunity.
It does not seem like much of an opportunity to me. Although the immediate sell price is great right now, the buying path is encumbered by the delay for the accreditation process (again) besides the additional fees, etc. I'm long-minded; do I really need this hassle? Interesting. Do you feel like you lack the requisite knowledge and skills to (easily) re-buy and secure coins from other exchanges? Are there tax reasons? Naively, from the outside, it seems like an opportunity to double your coins/money at the cost of filling out a form. What am I not seeing here?  It's in a qualified retirement account, i.e. Roth IRA. I can and have easily obtained Bitcoins from a wide variety of avenues. I have enough non-retirement Bitcoins for now; thank you. To take advantage of the supposed arbitrage opportunity would involve; 1) waiting until my BIT shares actually arrive at my custodian (in-progress; should be soon (next week?)) 2) place sell order (hopefully easy & quick) 3) use proceeds to purchase more BIT shares at NAV via my custodian (pain in the butt, prove I am accredited again, medallion signature guarantee, ...) 4) if I want to do it again then wait 12 months and return to step 1 |
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New volume record, $300k traded at $50+.
I thought price would continue to drop as BIT holders began to fear missing out on the arbitrage opportunity.
It does not seem like much of an opportunity to me. Although the immediate sell price is great right now, the buying path is encumbered by the delay for the accreditation process (again) besides the additional fees, etc. I'm long-minded; do I really need this hassle? |
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They could sell on OTC and buy again directly from Secondmarket as accredited investors. Only thing they would lose is the ability to sell on OTC for another year. Even that is not so bad, since presumably Secondmarket will unsuspend redemptions at some point.
As I understand it SecondMarket will not resume redemptions; they only way out is via the OTC; trying to arbitrage with a 12 month cycle would very likely be ineffective. Since I am truly long-minded, if when I truly have liquidity then I might sell some BIT via the OTC:GBTC and reinvest it at NAV through SecondMarket. |
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What has been the longest period of time between blocks to date?
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based on what you read / your understanding of the documents, what do you expect turn around time to be?
They don't indicate timeframes per se but I am guessing it might take 5 business days or even more until I can actually post a sell. I did not see any obvious ways to take advantage of the techniques to speed things up, e.g. pay for wire transfers, etc. Then again I am not interested in selling at this time. I suppose I could sell a small amount just to prove that it works. Again, these are just some of my Roth IRA funds; I also have non-retirement Bitcoins that I hold in a few different wallets myself; easy enough. Unfortunately holding Bitcoin in retirement accounts is not easy ... yet. To do so I am obliged to trust a custodian although I haven't finished investigating the so-called self-directed checking-IRA. |
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I did indeed receive the instruction email late on Friday; it is marked such that I may not copy it here for review. I have done my best to figure it out and then submitted the transfer form https://evantage.trustetc.com/forms/Trustetc_Forms/accnttransfer.pdf (others will use the form from their broker/custodian); btw, the fax # for Continental is 212-616-7617. We shall see. |
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With a bid of $31.50 as compared to the closing yesterday of $23.70 we should sell short (effectively covered) and then close the short position as quickly as possible when BIT shares are transferred into the ETF. Free money.
A little out of the loop in the whole small cap world.. Will most brokers allow you to sell short? Don't they have to actually have shares available to borrow? IE: no naked shenanigans ? I called; you're right, no naked sells. *sigh* The sooner I can get my shares transferred over the better but I just bet the pricing anomaly will be gone by then. |
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With a bid of $31.50 as compared to the closing yesterday of $23.70 we should sell short (effectively covered) and then close the short position as quickly as possible when BIT shares are transferred into the ETF. Free money.
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OTCQX® UpdateWe are pleased to announce that the Bitcoin Investment Trust (BIT) has been approved by OTC Markets for eligible BIT shares to be quoted on OTCQX®, the top marketplace operated by OTC Markets Group, under the Alternative Reporting Standards. For information on transferring your shares to your brokerage account, please review the material under “Steps to Sell Shares…” As a reminder, it is important to note the price of shares traded on OTCQX® will be established by market bids and asks and will not necessarily reflect the BIT’s NAV/share or the spot price of bitcoin. In addition, no assurances can be given as to whether an active public secondary market for the shares will develop or be maintained. As always, qualified accredited investors may choose to invest in shares of the BIT directly through the BIT’s ongoing private placement at the daily NAV/share 1. Please note that BIT shares purchased through the ongoing private placement are subject to significant resale and transferability limitations and will not be eligible to be sold on OTCQX® until held for more than one year. BIT shares purchased on OTCQX®, however, are freely tradable once purchased. Steps to Sell Shares on OTCQX®Investors who have held BIT shares for at least 12 months will be eligible to sell those shares on
OTCQX®.Shareholders should have their shares transferred electronically to their brokerage account as follows. - Our transfer agent, Continental Stock Transfer & Trust, will be providing each eligible shareholder a share ownership statement. You will receive an e-mail from us in the coming days with a copy of this statement.
- The statement will include the details necessary to have your shares electronically transferred via Direct Registration System (DRS) to the broker of your choice. Details may slightly vary by brokerage firm, so we encourage you to reach out to your broker to complete the transfer.
- Once your shares have been transferred to your brokerage account, you will be able to place an order to sell your shares.
- Shareholders may continue to hold their shares in DRS book-entry form with Continental if you so choose.
- If you have any questions regarding your share ownership statement, if your address has recently changed, or if you have any other questions at this time regarding transferring your shares to your own brokerage account, please contact Continental at (800) 509-5586 or (212) 509-4000.
As always, please do not hesitate to contact us with any questions or concerns about this process. To the extent that you do not already have a brokerage account and would like to establish one, we can put you in contact with Merriman Capital, the broker dealer that is both the BIT’s initial market maker and its Designated Advisor for Disclosure (DAD).
Should you have any questions or comments regarding this information, please feel free to contact us at info@grayscale.co or 212-668-6682.
1 The BIT’s NAV/share will be published each U.S. business day on the sponsor’s website: www.grayscale.co
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