By Bitcoin Majalah - 1 year ago - Waktos maca: 4 menit
Poténsi Jalur Maju Pikeun Grayscale Bitcoin kapercayaan
An interesting saga is developing for Digital Currency Group and its Grayscale Bitcoin Trust with accusations of fraud coming from the co-founder of Gemini.
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Sanajan karasaeun kawas hirupna katukang, ngan dua bulan kaliwat saprak Genesus ngumumkeun kabutuhan maranéhanana pikeun $ 1 miliar suntik liquidity sanggeus FTX na Alameda fallout. Salaku minggu nyeret on tanpa resolusi a, rinci carita geus jadi leuwih umum, ngawangun nepi ka dugaan panipuan ngalawan Digital Mata Artos Grup (DCG) anu diumumkeun ku Gemini ko-pangadeg sarta presiden, Cameron Winklevoss. Gemini masih nyobian cageur $ 900 juta dina aset ti Genesus anu dipaké pikeun ngahasilkeun ngahasilkeun pikeun konsumén Earn maranéhanana.
Left unresolved and only growing larger, DCG and Genesis problems weigh heavily on the bitcoin market as there are many answers needed and various possible outcomes that have yet to play out.
The biggest question of all is what will happen to the Grayscale Bitcoin Trust (GBTC) and how these issues will potentially impact the bitcoin price. GBTC has been the preferred vehicle for many to obtain regulated bitcoin exposure and it has also been a breeding ground for speculative arbitrage strategies throughout the previous swings going from a premium to a discount to net asset value (NAV). An approved bitcoin spot ETF in the United States would have likely solved these issues, but we’re still far from that happening.
Panggampangna pikeun ngamimitian ku saham GBTC dina neraca DCG anu diperkirakeun sakitar. 9.67% tina sakabéh suplai. Upami DCG kedah ngumpulkeun artos atanapi turun dina Bab 11 bangkrut, ngajual saham ieu berpotensi janten pilihan. Ngajual kana pasar anu teu likuid langkung tekenan kana diskon GBTC anu baheula. DCG nyepeng kira-kira 67 juta saham dina pasar anu dagang kirang ti 4 juta saham sadinten. Nanging, faktor anu langkung penting nyaéta ku hukum, DCG tiasa ngajual teu leuwih ti 1% tina saham beredar unggal kuartal. Éta peryogi sakitar 2.5 taun penjualan konstan pikeun ngajual sadayana sahamna.
Jalur anu sanés - anu paling dipikaresep - nyaéta GBTC, sareng amanah Grayscale anu sanés, mendakan jalan kana tangan sponsor sareng manajer énggal. Valkyrie parantos ngalamar ngalakukeun persis ieu:
Give an option for investors to redeem shares at NAV through a Regulation M filing request (although it’s not clear a Regulation M request would get approved by the SEC). Lower fees from 200 basis points to 75.Attempt to offer investors redemptions in both cash and spot bitcoin.Pilihan pikeun manajer anyar masihan investor kasempetan pikeun kaluar tina investasi di NAV.
The GBTC product is still a cash cow for Grayscale and DCG, raking in 2% management fees — in perpetuity. Across all major trust products, Grayscale is collecting over $300 million this year from management fees alone. Rather than liquidate the entire trust in the worst case scenario, there will be many willing buyers to take on management of the vehicle without a U.S. spot bitcoin ETF available in the market.
Sanajan kitu, liquidation sanes kamungkinan non-enol. Dina kasus insolvency Grayscale atanapi bangkrut, liquidation sukarela bisa neruskeun unless 50% of shares vote to transfer to a new sponsor. There is upside to DCG liquidating the trust as there’s money to be made from their shares closing to NAV, but that likely results in selling bitcoin on the open market. No one wants to see 632,000 bitcoin — approximately 3.3% of current supply — become selling pressure in the market. In the unlikely scenario where complete liquidation of the trust is undertaken with USD cash being returned to shareholders, one could presume that much of the selling would be absorbed through OTC deals with interested investors. At this point, this is purely hypothetical.
Inpormasi anyar bakal terang anu berpotensi ngarobih superstruktur ngeunaan dinamika antara Grayscale sareng pemegang saham produk Grayscale. Urang bakal neruskeun nulis ngeunaan kamajuan dina minggu datang.
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