In today’s briefing:
- An Arbitrage Opportunity? Evaluating the GBTC Convergence Trade
An Arbitrage Opportunity? Evaluating the GBTC Convergence Trade
- Recent concerns on Genesis’ solvency arose after the broker/dealer halted redemptions on its lending unit and was reportedly looking to raise $1 billion of loans from investors.
- Contagion fears have extended to Genesis’ parent company, DCG, and its wholly owned Grayscale subsidiary, which has a steady fee generating business via its Bitcoin and ETH trust products.
- We analyze the potential arbitrage opportunity for the controversial GBTC convergence trade with its 42.7% discount to NAV.
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