GBTC Bitcoin Investment Trust Observer

[coinableS]

I know this ETF isn't perfect and it's quite remarkable things have moved this far, but if these delays persist, it's a really less-than-perfect way to trade BTC.

But it's not an ETF...   

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[gotmilk_]

Someone is buying 50k at 35$  

[Patel]

A bid for 5000 btc worth of shares at 350

[jerk]

this could get interesting if we get some asks!

[jl2012]

A bid for 5000 btc worth of shares at 350

That's really interesting. I suppose bidders are required to have 100% USD on OTC Markets?

[criptix]

A bid for 5000 btc worth of shares at 350

^_+

JK Bears 

[Biodom]

A bid for 5000 btc worth of shares at 350

That's really interesting. I suppose bidders are required to have 100% USD on OTC Markets?

As GBTC is simply a 1/10 of a bitcoin held for more than 1 year, if such bid ($350) persists, it would indicate a 36% premium.
Reason? i don't think that it will stand for long.

[JorgeStolfi]

A bid for 5000 btc worth of shares at 350

That's really interesting. I suppose bidders are required to have 100% USD on OTC Markets?

As GBTC is simply a 1/10 of a bitcoin held for more than 1 year, if such bid ($350) persists, it would indicate a 36% premium.
Reason? i don't think that it will stand for long.

The idea is that IRAs can be put into BIT shares (with some indirection) but not into raw BTCs, so there is a potentially large market for the former that is not available for the latter.  Also the supply of BIT shares is rather small and fixed because of the 12 months "maturation" period.

[Kupsi]

Also the supply of BIT shares is rather small and fixed because of the 12 months "maturation" period.

New BIT shares can be created tomorrow, sold to accredited investors, but they can't be sold on the OTC Market for the next 12 months.

[gotmilk_]

10.2.2015... 1,388,600 shares (http://www.otcmarkets.com/stock/GBTC/profile)
31.3.2015... 1,389,900 shares (http://grayscale.co/bitcoin-investment-trust/)

They are adding new shares. Also it looks like grayscale.co page is updated daily (price and other info).

[Alley]

That's a bid for 1.75 million.  Just think when the true ETF COIN comes online and a bid like that comes in.  They will have to buy 5000 bitcoins right off the open market to cover the shares. 

[Patel]

That's a bid for 1.75 million.  Just think when the true ETF COIN comes online and a bid like that comes in.  They will have to buy 5000 bitcoins right off the open market to cover the shares. 

I don't think the SEC would approve a bitcoin etf

[Chef Ramsay]

That's a bid for 1.75 million.  Just think when the true ETF COIN comes online and a bid like that comes in.  They will have to buy 5000 bitcoins right off the open market to cover the shares. 

I don't think the SEC would approve a bitcoin etf

I'm almost sure they will as I don't think that heavyweight attorney that specializes in this kind of thing has no influence/colleagues in the SEC nor would she take on a knowingly failed case just for extra money because she has a reputation to upkeep. We're not talking defense attorneys here. Wall Street hedge funds have invested in lots of garbage like mortgage-backed securities, derivatives and other worthless junk so they need something like Bitcoin in their portfolio to provide an upside to their valuations as well as something more to sell to their clients who don't want direct exposure to Bitcoin itself.

[pinky]

That's a bid for 1.75 million.  Just think when the true ETF COIN comes online and a bid like that comes in.  They will have to buy 5000 bitcoins right off the open market to cover the shares. 

I don't think the SEC would approve a bitcoin etf

I'm almost sure they will as I don't think that heavyweight attorney that specializes in this kind of thing has no influence/colleagues in the SEC nor would she take on a knowingly failed case just for extra money because she has a reputation to upkeep. We're not talking defense attorneys here. Wall Street hedge funds have invested in lots of garbage like mortgage-backed securities, derivatives and other worthless junk so they need something like Bitcoin in their portfolio to provide an upside to their valuations as well as something more to sell to their clients who don't want direct exposure to Bitcoin itself.

If big boys (NY banks) want it, they will have it, else forget about it.

[marcus_of_augustus]

That's a bid for 1.75 million.  Just think when the true ETF COIN comes online and a bid like that comes in.  They will have to buy 5000 bitcoins right off the open market to cover the shares. 

I don't think the SEC would approve a bitcoin etf

.... it's a done deal.

[Patel]

That's a bid for 1.75 million.  Just think when the true ETF COIN comes online and a bid like that comes in.  They will have to buy 5000 bitcoins right off the open market to cover the shares. 

I don't think the SEC would approve a bitcoin etf

.... it's a done deal.

why do you say that?

[minerpumpkin]

That's a bid for 1.75 million.  Just think when the true ETF COIN comes online and a bid like that comes in.  They will have to buy 5000 bitcoins right off the open market to cover the shares. 

I don't think the SEC would approve a bitcoin etf

I'm almost sure they will as I don't think that heavyweight attorney that specializes in this kind of thing has no influence/colleagues in the SEC nor would she take on a knowingly failed case just for extra money because she has a reputation to upkeep. We're not talking defense attorneys here. Wall Street hedge funds have invested in lots of garbage like mortgage-backed securities, derivatives and other worthless junk so they need something like Bitcoin in their portfolio to provide an upside to their valuations as well as something more to sell to their clients who don't want direct exposure to Bitcoin itself.

Yup, I also think that the Coin ETF will go live at some point. Right now it's still too early to really anticipate and predict what's going to happen when it does, but it just could get really really interesting, like - big time. I also love Bitcoin, but I think it's also too early to praise it as the best thing since bread came sliced. Even though other financial products may be worse...

[Cconvert2G36]

Updated(!)

Code:

Puma Capital, LLC		   100	38.00
Canaccord Genuity Inc		   100	37.50
Citadel Securities		   100	36.00
KCG Americas LLC		   100	35.55
Maxim Group LLC		   	 50000  35.00                   
Wedbush Securities Inc		   100	31.50
Cantor Fitzgerald & Co             100  25.00
Merriman Curhan Ford & Co	   100	20.00

[minerpumpkin]

Updated(!)

Code:

Puma Capital, LLC		   100	38.00
Canaccord Genuity Inc		   100	37.50
Citadel Securities		   100	36.00
KCG Americas LLC		   100	35.55
Maxim Group LLC		   	 50000  35.00                   
Wedbush Securities Inc		   100	31.50
Cantor Fitzgerald & Co             100  25.00
Merriman Curhan Ford & Co	   100	20.00

Wow! So people outbid Maxim, already? Unfortunately 'only' with bids of 100 shares. Still, this is really impressive... I still can't really wrap my head around why they would pay this much of a premium. It can't solely be the convenience of buying using an ETF, can it? I mean, if they really wanted to get their hand on some BTCs, they surely would jump through the hoops of a regular BTC exchange.

[Alley]

This is probably the only way to invest there clients 401k and IRA retirement money in bitcoin.  I cant just withdraw money out ok my IRA and buy bitcoin.  But i can choose where my money is invested without penalty.  And that way is pre tax.