GBTC Bitcoin Investment Trust Observer

[mmortal03]

Bitcoin Investment Trust just put out an update regarding the potential Bitcoin Cash distribution: http://www.prnewswire.com/news-releases/bitcoin-investment-trust-provides-update-on-possible-bitcoin-cash-distribution-300515060.html

[CrazyLoaf]

Bitcoin Investment Trust just put out an update regarding the potential Bitcoin Cash distribution: http://www.prnewswire.com/news-releases/bitcoin-investment-trust-provides-update-on-possible-bitcoin-cash-distribution-300515060.html

This is a crap update on their part. XBTProvider/CoinXBT came right out and said that if they did anything regarding Bitcoin Cash, it would be based on the fork date:

https://xbtprovider.com/news/post/xbt-provider-ab-update-regarding-recent-bitcoin-fork

So is GBTC going to be using the same fork day or not? Or are they just going to be picking a random Wednesday in the future and will spring it on everyone with another vague press release?

[notme]

https://cointelegraph.com/news/bitcoin-etf-has-new-hope-of-success-bloomberg-analyst



Also, looks like we touched $778 today, new ATH. Incredible.

I keep thinking that some whale is going to take their GBTC profits any day now...

I sure hope so... I never got back on the train after I sold at $540.  Oh well, straight BTC has done well for me.  It just would have been nice to collect some more tax-sheltered gains in my Roth IRA.

Same.

The window might be opening again soon.  Down to $520 today.

[MNDan]

In tomorrow - should be the easiest double ever...?

[MrSunshine]

In tomorrow - should be the easiest double ever...?

I agree with you, now is the time to buy as BTC will likely bounce over the weekend when GBTC is not trading, so Friday is the day to get in.

[MrSunshine]

Got in at 517 yesterday, looking good so far. I was worried BTC was really going to plunge today taking GBTC with it, but we may have hit the bottom

[bobbitcoin77]

GBTC is an ureg securities only for accredited investor is that what you are talking about. If so it trades at 100% premium to cash bitcoin for 2 simple reasons convenience and insurance. it shows where bitcoin would trade if this ecosystem had something even close to that. not lost wallets, exchange difficulst,scams, no insurance of any kind.

[MrSunshine]

GBTC is an ureg securities only for accredited investor is that what you are talking about. If so it trades at 100% premium to cash bitcoin for 2 simple reasons convenience and insurance. it shows where bitcoin would trade if this ecosystem had something even close to that. not lost wallets, exchange difficulst,scams, no insurance of any kind.

Yes, I am talking about GBTC, but you don't need to be an accredited investor to buy it. Right, it trades at a premium because it is the only game in town now for getting into bitcoin for your typical stock holder (and in your IRA). For me I hold it in my IRA. Outside my IRA I have Bitcoin plus about 20 alt coins.

[mmortal03]

Now that they've withdrawn the ETF application, can we get some news on when and how we will receive our BCH distributions?

[iCEBREAKER]

Now that they've withdrawn the ETF application, can we get some news on when and how we will receive our BCH distributions?

What I signed up for = Exposure to price of Bitcoin

What I'm getting = Exposure to Bcash and Silbert2X

[mmortal03]

Now that they've withdrawn the ETF application, can we get some news on when and how we will receive our BCH distributions?

What I signed up for = Exposure to price of Bitcoin

What I'm getting = Exposure to Bcash and Silbert2X

Maybe. I thought the BCH exposure in GBTC was only for those who held it *before* the fork, but right now, at least, GBTC *is* moving sideways while BTC is going up. I forget when that happened last.

[gentlemand]

I don't really get why they're mentioning BCH at all.

The people who have money in GBTC do not have money in Bitcoin therefore they have no BCH either. It's Grayscale's toy to do whatever they want with. GBTC holders are nobodies when it comes to this.

[mmortal03]

I don't really get why they're mentioning BCH at all.

The people who have money in GBTC do not have money in Bitcoin therefore they have no BCH either. It's Grayscale's toy to do whatever they want with. GBTC holders are nobodies when it comes to this.

Are you saying that the BTC that's backing up the GBTC shares is *not* actually there? That's quite a claim.

[gentlemand]

Are you saying that the BTC that's backing up the GBTC shares is *not* actually there? That's quite a claim.

Nope. I'm saying people buying GBTC shares are buying GBTC shares, not Bitcoin.

The price might be partially derived from their Bitcoin holdings, but a big chunk of it is coming from its own peculiar demands because of its nature.

As its customers are not buying BTC then they have nothing to do with BCH either.

[MrSunshine]

Are you saying that the BTC that's backing up the GBTC shares is *not* actually there? That's quite a claim.

Nope. I'm saying people buying GBTC shares are buying GBTC shares, not Bitcoin.

The price might be partially derived from their Bitcoin holdings, but a big chunk of it is coming from its own peculiar demands because of its nature.

As its customers are not buying BTC then they have nothing to do with BCH either.

I am pretty sure I read that GBTC will be distributing the BCH value to GBTC holders, that were holding at the time of the split, at some point in the future.

[mmortal03]

Are you saying that the BTC that's backing up the GBTC shares is *not* actually there? That's quite a claim.

Nope. I'm saying people buying GBTC shares are buying GBTC shares, not Bitcoin.

The price might be partially derived from their Bitcoin holdings, but a big chunk of it is coming from its own peculiar demands because of its nature.

As its customers are not buying BTC then they have nothing to do with BCH either.

I am pretty sure I read that GBTC will be distributing the BCH value to GBTC holders, that were holding at the time of the split, at some point in the future.

Yep: https://finance.yahoo.com/news/grayscale-investments-llc-statement-regarding-203000163.html

[megadeth]

They're creating another entity to hold the BCC:
https://news.bitcoin.com/grayscales-trust-contemplates-creating-another-entity-for-bitcoin-cash/

[oblox]

They're creating another entity to hold the BCC:
https://news.bitcoin.com/grayscales-trust-contemplates-creating-another-entity-for-bitcoin-cash/

Nothing filed. It's under evaluation.

[mmortal03]

They're creating another entity to hold the BCC:
https://news.bitcoin.com/grayscales-trust-contemplates-creating-another-entity-for-bitcoin-cash/

Nothing filed. It's under evaluation.

Right, I think I posted the link that that references last month, but nothing has been made official: http://www.prnewswire.com/news-releases/bitcoin-investment-trust-provides-update-on-possible-bitcoin-cash-distribution-300515060.html

[mmortal03]

The Bitcoin Investment Trust looks like they're going to have shareholders vote in less than two weeks to amend the trust to do some relevant things: https://grayscale.co/wp-content/uploads/2015/09/BIT-Consent-Request-October-17-FINAL.pdf

The meeting date is October 24, 2017.