/biz/ - Business & Finance

>>57263570
There's probably very little (if any) overlap in people that will buy the ETF and people that would have otherwise purchased tokens. Also, all markets have been swept away by the jews since the federal reserve was established and the gold standard was eliminated

>>57263570
The spot ETF's need to hold them 1:1.

>>57263570
wtf, is that cepe?

>>57263601
not true read the prospectus

>>57263586
I prefer the ETF because exchange KYC is an absolute bitch.
I'm not even weird. I have one bank account, I'm a US citizen (I was born here, both my parents are just descendants from the original British colonists.) I haven't committed any crimes and have a normal SWE job and a degree.
BUT EVERY GOD DAMN EXCHANGE EVENTUALLY BANS ME FOR NO FUCKING REASON.

>>57263601
And Chainlink’s Proof of Reserve will be implemented

>>57263601
like the silver and gold ETFs?
funny joke

I just read GBTC's redemption policy and they give you CASH for the shares, not Bitcoin.

>>57263601
lmao
mumu cope

>>57263633
based Native American Exchange owners banning the British jew occupier.go back.

>>57263608
What is this then?

I am not reading the entire prospectus. If it says something there, then show it.

>>57263739
this is meaningless numbers on a screen
unless you run your own node and check that Grayscale is signing a public address with these holdings, it is NOT REAL.

https://digifinex.medium.com/gbtcs-shift-to-cash-redemption-a-potential-game-changer-in-the-crypto-etf-space-11d6ced83b41

THEY ONLY REDEEM FOR CASH THAT SHOULD TELL YOU EVERYTHING

>>57263650
>I just read GBTC's redemption policy and they give you CASH for the shares, not Bitcoin.
GBTC was not a spot ETF before today

From 2015 until 1/11/2024, shares of GBTC were publicly-quoted on the OTCQX Market. Please view our FAQ on Grayscale’s product lifecycle to learn more. On 1/11/2024, GBTC was uplisted to NYSE Arca as a spot Bitcoin ETF. It now creates and redeems shares on an ongoing basis as part of its ETF structure.

https://etfs.grayscale.com/gbtc

>>57263644
>And Chainlink’s Proof of Reserve will be implemented
Who writes these jokes?

>>57263775
it means they buy bitcoin when you do and may or may not sell it when you redeem your position for cash?

>>57263570
ETFs are backed 100% with bitcoin

>>57263801
read the fucking link I posted, this is about the CURRENT ETF, the SEC forced Grayscale to use cash redemptions rather than in kind redemptions

The whole thing is being set up for a rug

>>57263836
that has already been purchased*

there will be no mooning

>>57263832
it means they don't buy shit and tell you they do to manipulate the market, just as with gold and silver. ANd by the way, only authorized parties may redeem.

fucking newfags

>>57263650
Where Comex store their btc reserves? Sure hope no one steals a crate of it like they did nickel

>>57263586
I bought both the ETF and still make regular CEX BTC purchases . Mainly. Cause I have roll over Ira’s I wanted some exposure to BTC.

>>57263882
I work at Area 51 and we were told the BTC was stored at Fort Knox in an super secret safe

>>57263836
No they are 100% weighted in BTC
the amount of the BTC in the vault held by Cointbase is unknown at any given time

>>57263570
what this means is the large companies will buy an allotment of btc, say its 5000 BTC as some arbitrary number. They buy 5000 BTC. Boomer wants 1 BTC, they give him 1 BTC for the current cost, not what they paid for it. He has 1 BTC, they have 4999. They will have to buy more if there is more demand from boomers, otherwise they may become swords of damacles forever hovering.

>>57263570
Stfu you shitcunt, you don't understand how a spot ETF works in the first place you piece of shit; seriously all you noobs posting this shit makes me mad

>>57263739
obviously there is nothing in there that is not 1:1 because you just made that up
the market value you are looking at here is the value of the shares in the trust not the BTC in he vault at coinbase

>>57263851
"its amended S-3 filing, has finally agreed to adopt a cash redemption model for its Spot Bitcoin ETF conversion."

That means it's old GBTC converted to cash redemption. It's new GBTC isn't that.

See what they where trying to do is convert the old NON Spot-GBTC from 2015-1/10/2014 to the new SPOT-GBTC 1/11/2014- (life of the new fund) as a like-kind trade so people would NOT have to pay taxes on their sale/conversion of the old NON Spot-GBTC.

The SEC said no.. You have to redeem to cash. Thus a tax event for convert non-SPT GBTC to SPOT GBTC.

>>57263775
Cash redemption was an SEC term for their own faggy reasons, these aren't options contracts. Institutional investing in the ETFs will pump BTC, but if you want to buy BTC, and you aren't a brain-dead niggertranny, use coinbase.

>>57263570
This is such retarded FUD. A huge advantage BTC has over metals is the supply is known. It’s incredibly easy to audit the ETF fund holdings. These are /custodial/ btc, not paper. Anyone telling you otherwise is a liar or a retard.

>>57264032
The reason people buy ETF is because they can’t spend their tax-deferred retirement account money on Coinbase. Now they can get btc without cashing out their 401k, etc. It’s the entire point.

>>57263832
Do etfs like these not have regular orders in an order book? I mean if u place a buy order is that a "creation" and not a changing of hands of your shares for someone elses cash? When is the creation? Autism and naive please be patient

>>57264059
I mean your cash for someone's shares

>>57264053
Could be huge if pension funds but the ETFs.

1 Government Pension Investment Fund Japan $1.7T
2 Government Pension Fund Norway $1.4T
3 National Pension South Korea $798.0B
4 Federal Retirement Thrift U.S. $774.2B
5 ABP Netherlands $630.4B
6 California Public Employees U.S. $496.8B
7 Canada Pension Canada $426.7B
8 National Social Security China $406.8B
9 Central Provident Fund Singapore $375.0B
10 PFZW Netherlands $315.5B

>>57264059
It’s just buying a slice of btc owned by the ETF fund on your behalf

>>57264081
Exactly why this is so bullish. If 10% btc becomes a common percentage to hold, like Gold is, then demand skyrockets. The key difference is there is no “paper” BTC - the blockchain makes that unnecessary and pointless. This is big part of why BTC is better than Gold.

>>57263570
This is why we all know that $Michael obamas LARGE penis is a much better buy than stinky grandpa btc

>>57264107
Yeap.. we don't know exactly how much gold or silver exists in the world's vaults because none of them have ever been audited.

Bitcoin is audited every 10 minutes in perpetuity.
When the last time Fort Knox was audited ?
Apples and Oranges
Gold/BTC

>>57264041
go on then, supply us with the adress so we can do an audit
... you cant.

>>57263855
Provide sauce. Oh you can't it doesn't exist, you just made it up! Or even worse, heard it here LMAOO

>>57264146
Go audit to your hearts content
https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

Kind of the entire idea of a blockchain

>>57264019
I see, even so, there's no guarantee whatsoever that the ETF is fully backed, Grayscale may run it fractional just as FTX and so many Cexes have done

>>57264216
yeah and which address has been signed by Grayscale?
I'll wait.

>>57263944
Wow coinbase is the custodian of 9 out of 12 bitcoin etfs. That is stupid as hell. No way I would buy any bitcoin etf that doesn't do self custody.

https://www.coindesk.com/business/2023/11/27/coinbase-is-dominating-a-key-bitcoin-etf-service-can-anyone-else-join-the-race/#:~:text=Coinbase%2C%20run%20by%20CEO%20Brian%20Armstrong%2C%20currently%20is,a%20level%20of%20concentration%20that%20makes%20some%20uneasy.

>>57264226
>there's no guarantee whatsoever that the ETF is fully backed,
Well that's what the SEC, the Treasury Department and the Chicago Board of Trade, the New York Stock Exchange and the Nasdaq.

The Spot ETFs have to be funded 100% or 1:1. If there is a con against everyone, we'll see.

>>57264234
Still waiting ?
Here you go newfag

16vd2YfcGK9mw3GZXzL5o23m7gdBGXKHNz
1GRGfd3TtBA2vMjoHH3hVpE6CRx5nZ1YJp
15gioFeKnUjerTQ9LYNreW3Bt9kn9xrTU4
1DtdMtJL2zggkoFPDbEbM2Ja1EYH8LeH9B
1CU9gusmCCfCjsmGatxbzvXLqoisgnaV9n

>>57264115
do you think he top's barack? I'll bet he does

>>57264234
There are 1,745 more address.. You gonna audit it for us and get back to us in this thread MEGAMAN ?

>>57264234
still waiting newfag ?

>>57264388
Hot, steamy, sexy cumbuckets of bitcoin

>>57264396
Anyone can just ask https://twitter.com/ArkhamIntel
They keep up with this shit daily.

>>57264388
>>57264173
If you need today's total's here you go

https://platform.arkhamintelligence.com/explorer/entity/grayscale

Please get back to us after your 'audit'

>>57263775
>THEY ONLY REDEEM FOR CASH THAT SHOULD TELL YOU EVERYTHING

That only means the SEC forced them to do bank > exchange transaction exactly to prevent the paper gold problem.

They don't want market makers selling collateralized shit between each other creating fracitonal BTC because Gary may be a cunt but not retarded and knows that will end like FTX.

Cash redemption means it must go from bank to exchange directly in a way the sec can track the purchases it's actually bullish retard.

RAWR motherflower RAWR

>>57263988
And who holds them to account? What if they just SAY they bought 5000 btc and then loan them out when they have less than that? What happens then?

Coinbase sold $7B of $btc OTC today. Imagine when Coinbase says "Sorry guys we are out."

>>57263775
then respectfully, sir, if you don't like it in cash, then do not redeem

they werent going to buy btc normally anyways lol boomers won't catch a clue. ill just keep daytrading w/ beoble+chinance while i wait for the shitstorm to settle and the market to adjust to 50k or so. fuck bobos btw.

>>57263570
Nah. Most jews don't run banks because they don't make any real money. Jews run the hedge fund market because of insider trading and nepotism go hand in hand. Even tho spot BTC etfs don't pay dividends, I think it's just the convenience of having a highly trusting institution like Fidelity which I also use to handle all that private key, schizo nonsense for very wealthy people and never worrying about losing them. Also, a lot of rich boomers don't trust Robinhood but you can literally do the same thing with them right now without worrying about a spot ETF, but I'm a literal brokefag in comparison, so I use and trust Robinhood and Coinbase as well lol