Winklevoss bitcoin fund

To bring you the best content on our sites and applications, Meredith partners with third party advertisers to serve digital ads, including personalized digital ads. Those advertisers use tracking technologies to collect information about your activity on our sites and applications and across the Internet and your other apps and devices. To bring you the winklevoss bitcoin fund content on our sites and applications, Meredith partners with third party advertisers to serve digital ads, including personalized digital ads.

Those advertisers use tracking technologies to collect information about your activity on our sites and applications and across the Internet and your other apps and devices. To bring you the best content on our sites and applications, Meredith partners with third party advertisers to serve digital ads, including personalized digital ads. Those advertisers use tracking technologies to collect information about your activity on our sites and applications and across the Internet and your other apps and devices. 2,800 in May, the latest milestone in what’s become a parabolic move higher. But as incredible as those moves have been, the performance of one bitcoin fund makes them look paltry by comparison.

224 million at the beginning of the year. GBTC is an “open-ended trust” and the first publicly traded bitcoin investment vehicle. The share price of GBTC was last trading at double the value of its underlying bitcoin holdings. GBTC’s premium to its net asset value is astronomical by any measure, and close to the highest level it’s ever been. For investors buying into the fund, such large premiums are a disaster waiting to happen. Premiums are a fickle thing, and can fluctuate wildly depending on the supply and demand for shares.

For investors used to buying exchange-traded funds, such large premiums are almost unheard of. When a premium becomes large, authorized participants will buy up the underlying, deliver it to the ETF provider in exchange for ETF shares, and sell them for a profit, pushing the ETF market price back towards the fund’s NAV. Up until early this year, share creations for GBTC took place through private transactions with accredited investors. Those new shares were subject to a one-year lockup period before they could be sold on the public market, hindering the ability to arbitrage any premium above NAV. Meanwhile, redemptions for GBTC have been completely suspended since 2016 after the trust and its AP were found to be in violation of an SEC rule.