GBTC Bitcoin Investment Trust Observer

[uhoh]

How do you know they purchase on Stamp?

Every "buy" happens on a Thursday.  I find it strange that they would buy on an exchange always on the same day without regard to the price, especially considering the current lack of liquidity.  The consistent timing seems to indicate a prearranged agreement with a mining pool or other entity.

bingo

They're just a broker, it doesn't matter what the price is. If a customer buys in, a customer buys in.

[Bitcoin_is_here_to_stay]

How do you know they purchase on Stamp?

Every "buy" happens on a Thursday.  I find it strange that they would buy on an exchange always on the same day without regard to the price, especially considering the current lack of liquidity.  The consistent timing seems to indicate a prearranged agreement with a mining pool or other entity.

bingo

They're just a broker, it doesn't matter what the price is. If a customer buys in, a customer buys in.

Yeah, normally funds like that are supposed to buy the day they get the money from the customer. I have not read the fine print of SM documents, but I expect that is their premise, too.

[nioc]

If they buy the day they get money from a customer, why do they only buy on Thursday?

Still the first question remains, who do they buy from?

[Melbustus]

If they buy the day they get money from a customer, why do they only buy on Thursday?

Still the first question remains, who do they buy from?

Look at their docs and read Barry Silbert's tweets. They buy from anyone (presumably with proper legal identification): exchanges, bitpay/coinbase probably, individuals/early-adopters...

[keithers]

If they buy the day they get money from a customer, why do they only buy on Thursday?

Still the first question remains, who do they buy from?

Maybe that is the only day that they selected to have outgoing wires for their transactions to keep their accounting the easiest?   That seems like a dumb explanation as I read it back to myself, so it is actually probably wrong.   

They will be BTC from anyone who has a holding of 25BTC or more that they are willing to part with.   You have to provide all forms of identification, to prove your identity.

[uhoh]

If they buy the day they get money from a customer, why do they only buy on Thursday?

Still the first question remains, who do they buy from?

Maybe that is the only day that they selected to have outgoing wires for their transactions to keep their accounting the easiest?   That seems like a dumb explanation as I read it back to myself, so it is actually probably wrong.  

They will be BTC from anyone who has a holding of 25BTC or more that they are willing to part with.   You have to provide all forms of identification, to prove your identity.

I registered the other day, they require a passport scan, address etc, signature and they run a background check, not much else. You then get an account manager and a direct email whom you can contact to set up any trades.

[Bitcoin_is_here_to_stay]

Friday, April 25th: NAV $45.85 Net assets: $48.2 MM Conclusion: no change (-16 BTC)

Monday, April 28th: NAV $43.00 Net assets: $45.2 MM Conclusion: no change (Precisely, no new BTC bought up to 200 BTC could be sold, impossible to tell due to rounding)
Tuesday, April 29th: NAV $43.77 Net assets: $46.0 MM Conclusion: no change
Wednesday, April 30th: NAV $43.62 Net assets: $45.8 MM Conclusion: no change
Thursday, May 1st: NAV $44.79 Net assets: $47.6 MM 1283 BTC bought (= $0.575 MM invested, I am using the fact that they allow to invest only in 25k$ units in calculations)
Friday, May 2nd: NAV $44.20 Net assets: $47.0 MM Conclusion: no change

I also think that "buy only on Thursday" theory seems silly, but the historical data almost ideally agree and we got another reading consistent with this theory today  

[nioc]

No theory just observation. 

Although the NAV is calculated daily the net assets reported might only be updated once a week.  If so the "buy only on Thurs." theory would indeed be silly.

[keithers]

1256XBT bought yesterday

April 2014 data revised with latest actual holding value

Where did you purchase..and what forms of payment are allowed?   Just curious...I have been interested in this trust since first hearing about it...

[Bitcoin_is_here_to_stay]

Friday, April 25th: NAV $45.85 Net assets: $48.2 MM Conclusion: no change

Monday, April 28th: NAV $43.00 Net assets: $45.2 MM Conclusion: no change
Tuesday, April 29th: NAV $43.77 Net assets: $46.0 MM Conclusion: no change
Wednesday, April 30th: NAV $43.62 Net assets: $45.8 MM Conclusion: no change
Thursday, May 1st: NAV $44.79 Net assets: $47.6 MM 1283 BTC bought
Friday, May 2nd: NAV $44.20 Net assets: $47.0 MM Conclusion: no change

Monday, May 5th: NAV $42.73 Net assets $45.4 MM Conclusion: no change

[Bitcoin_is_here_to_stay]

Friday, April 25th: NAV $45.85 Net assets: $48.2 MM Conclusion: no change

Monday, April 28th: NAV $43.00 Net assets: $45.2 MM Conclusion: no change
Tuesday, April 29th: NAV $43.77 Net assets: $46.0 MM Conclusion: no change
Wednesday, April 30th: NAV $43.62 Net assets: $45.8 MM Conclusion: no change
Thursday, May 1st: NAV $44.79 Net assets: $47.6 MM 1283 BTC bought
Friday, May 2nd: NAV $44.20 Net assets: $47.0 MM Conclusion: no change

Monday, May 5th: NAV $42.73 Net assets $45.4 MM Conclusion: no change
May 6th - no change

[DeathAndTaxes]

I'm actually impressed by how low the price is given how many were purchased through SecondMarket alone. That's a lot of bitcoins!

 Perhaps also explains why Stamp prices are often higher these days - seems that often one can match SecondMarket purchase to walls on Stamp, imho.

That isn't true.  I will leave it at that. 

[DeathAndTaxes]

If they buy the day they get money from a customer, why do they only buy on Thursday?

They don't.

[Bitcoin_is_here_to_stay]

Friday, April 25th: NAV $45.85 Net assets: $48.2 MM Conclusion: no change

Monday, April 28th: NAV $43.00 Net assets: $45.2 MM Conclusion: no change
Tuesday, April 29th: NAV $43.77 Net assets: $46.0 MM Conclusion: no change
Wednesday, April 30th: NAV $43.62 Net assets: $45.8 MM Conclusion: no change
Thursday, May 1st: NAV $44.79 Net assets: $47.6 MM 1283 BTC bought
Friday, May 2nd: NAV $44.20 Net assets: $47.0 MM Conclusion: no change

Monday, May 5th: NAV $42.73 Net assets $45.4 MM Conclusion: no change
Tuesday, May 6th no change
Wednesday, May 7th: NAV $43.11 Net assets $45.8MM no change

Will we see another big chunk bought this Thursday  

[jl2012]

Will we see another big chunk bought this Thursday  

That's real. Here are the average amount of bitcoin bought on different weekday:

Mon: 140.6818182
Tue: 122.5833333
Wed: 355.2272727
Thu: 1304.5
Fri: 317.173913

[Bitcoin_is_here_to_stay]

Will we see another big chunk bought this Thursday  

That's real. Here are the average amount of bitcoin bought on different weekday:

Mon: 140.6818182
Tue: 122.5833333
Wed: 355.2272727
Thu: 1304.5
Fri: 317.173913

Yeah, there is a very statistically significant preference to buy on Thursdays, although they also buy on different days. WTF?

[BitChick]

Will we see another big chunk bought this Thursday  

That's real. Here are the average amount of bitcoin bought on different weekday:

Mon: 140.6818182
Tue: 122.5833333
Wed: 355.2272727
Thu: 1304.5
Fri: 317.173913

Yeah, there is a very statistically significant preference to buy on Thursdays, although they also buy on different days. WTF?

Maybe they have a contract with a miner to buy coins on Thursdays? 

I am curious what today's amount will be regardless.  It does not seem to bump the price much when they purchase though, unfortunately.

[Bitcoin_is_here_to_stay]

Maybe they have a contract with a miner to buy coins on Thursdays? 

But the thing is, they are not buying for themselves - they are buying whenever they customers want. So more likely explanation would be that for some strange reason they allow the customers to buy - mostly - on Thursdays  Or that they have one very eccentric and very wealthy customer that prefers to buy on Thursdays ?

Neither explanation seem to make much sense to me 

[Bitcoin_is_here_to_stay]

Friday, April 25th: NAV $45.85 Net assets: $48.2 MM No change

Monday, April 28th: NAV $43.00 Net assets: $45.2 MM No change
Tuesday, April 29th: NAV $43.77 Net assets: $46.0 MM No change
Wednesday, April 30th: NAV $43.62 Net assets: $45.8 MM No change
Thursday, May 1st: NAV $44.79 Net assets: $47.6 MM ca. 1283 BTC bought
Friday, May 2nd: NAV $44.20 Net assets: $47.0 MM No change

Monday, May 5th: NAV $42.73 Net assets $45.4 MM Conclusion: No change
Tuesday, May 6th no change
Wednesday, May 7th: NAV $43.11 Net assets $45.8MM No change
Thursday, May 8th : NAV $43.61Net assets $46.4MM ca.  171 BTC bought

[Bitcoin_is_here_to_stay]

Will we see another big chunk bought this Thursday  

That's real. Here are the average amount of bitcoin bought on different weekday:

Mon: 140.6818182
Tue: 122.5833333
Wed: 355.2272727
Thu: 1304.5
Fri: 317.173913

Yeah, there is a very statistically significant preference to buy on Thursdays, although they also buy on different days. WTF?

Maybe they have a contract with a miner to buy coins on Thursdays? 

I am curious what today's amount will be regardless.  It does not seem to bump the price much when they purchase though, unfortunately.

That is an easier question to answer - see above. I actually think there is correlation with the price. Today, they bought a modest amount and the price went up very modestly. When they were buying 4 digit amounts, price was going up muchmore. But of course, it can be the other way - their retail investors may be most tempted to buy during and uptrend, not during a clear bear market we have now.