GBTC Bitcoin Investment Trust Observer

[bobabouey2]

With GBTC at $27.47 and Bitfinex at $265 or so, seems like the narrowest spread to date.

And, Gemini is above GBTC!  https://cryptowatch.es/gemini/btcusd/1hr

Perhaps the days of the spread are over.

August 26th was a lower spread at close. Anyway, GBTC just shot up to $28.99, so no longer such a good deal.

I saw the surge shortly after I posted.  Maybe my post led to some 401k FOMO buying  

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[mmortal03]

Ok, *now* we have the lowest 24-hour spread.

[gotmilk_]

https://twitter.com/barrysilbert/status/657163992050171904

[JorgeStolfi]

https://twitter.com/barrysilbert/status/657163992050171904

What about Gr[ae]yscale -- is it included in the deal?

EDIT: Apparently not, Greyscale is owned by Barry's  Digital Whatever

[mmortal03]

Ok, *now* we have the lowest 24-hour spread.

And it looks like we're going to have a negative spread when the market opens tomorrow.

[bobabouey2]

Ok, *now* we have the lowest 24-hour spread.

And it looks like we're going to have a negative spread when the market opens tomorrow.

Looks like it is.  Although keep in mind the 10 to 1 ratio is eroded over time due to expenses.  NAV at close yesterday was $27.37.

http://grayscale.co/bitcoin-investment-trust/ Click "Market Performance."

[BitAddict]

So, basically they are holding the same amount of bitcoins for a long time.

[David Rabahy]

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

Well, after much time and effort my GBTC is in my trust account; geesh.  Unfortunately this is *not* a brokerage account and so I can't transact with them; sigh.  I am attempting to move the assets to a Schwab brokerage account ... just in time for a negative spread.  Now I'm wishing I had taken the path to hold raw BTC in a retirement account.

[bobabouey2]

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

Well, after much time and effort my GBTC is in my trust account; geesh.  Unfortunately this is *not* a brokerage account and so I can't transact with them; sigh.  I am attempting to move the assets to a Schwab brokerage account ... just in time for a negative spread.  Now I'm wishing I had taken the path to hold raw BTC in a retirement account.

Sorry to hear that.  On my side, I am just at break-even with the GBTC in my 401k, despite the nice BTC run-up recently.  But I knew I'd be too lazy to deal with getting raw BTC into a retirement account, so I'm not too upset.

[mmortal03]

Ok, *now* we have the lowest 24-hour spread.

And it looks like we're going to have a negative spread when the market opens tomorrow.

Looks like it is.  Although keep in mind the 10 to 1 ratio is eroded over time due to expenses.  NAV at close yesterday was $27.37.

http://grayscale.co/bitcoin-investment-trust/ Click "Market Performance."

This is definitely a good point to keep in mind.

Now we're up to $294 on the bitcoin market price, and GBTC closed at $28.15.

[bobabouey2]

Negative spread narrowly avoided.

[mmortal03]

"MASTERCARD INVESTS IN SILBERT'S DIGITAL CURRENCY GROUP"

https://www.cryptocoinsnews.com/mastercard-digital-currency-group/

The new company, Digital Currency Group (DCG), will include Silbert’s over-the-counter Bitcoin trading firm, Genesis Global Trading, as well as Grayscale Investments, a digital currency asset management firm.

[bobabouey2]

Negative spread achieved.

[bobabouey2]

Positive spread back.

[bobabouey2]

Record volume yesterday and positive spread back in full force!

[jl2012]

947XBT bought in October 2015. The value of this month will be interesting

[Chainsaw]

I'm interested to see how much we gap down on tomorrow's open.
I was surprised to see it hold $48, climbing to $51 by end of day as we remained at $400 today.
I strongly suspect that today was a holding pattern, and with the auction out of the way, we'll suffer a rather significant decline.

Maybe we'll luck out and Bitcoin price will recover before tomorrow's open.

[David Rabahy]

If anyone was following my story; my SecondMarket Bitcoin Investment Trust is supposedly going to be available in my Schwab account on or before Dec. 14th.  Slow is an understatement.

[Alley]

I'm surprised gbtc is still trading at $435 per coin.

[rocks]

If anyone was following my story; my SecondMarket Bitcoin Investment Trust is supposedly going to be available in my Schwab account on or before Dec. 14th.  Slow is an understatement.

I have Schwab and was able to purchase GBTC this past summer. It didn't work for the first week the ticker was active, but then I called and the next day it worked fine.