Sunflower Corporation
Sunflower Corporation 1 minutes reading from Bitcoin

Here’s Why The Cryptocurrency Market Doesn’t Really Understand Who is and What to Do

Based on recent news, we noticed that the Cryptocommunity

does not really understand who @Grayscale is and what is GBTC for our market and BTC overall

Let's sort it out 👇

1/7 🧵

@Grayscale 's growth strategy includes transforming GBTC into an ETF.

The company was founded in 2013 by Barry Silbert, the owner of Digital Currency Group (@DCGco )

3/7 🧵

Grayscale's first product was GBTC, a cryptocurrency trust which is sold to accredited investors.

It solves a legal issue for institutional investors and allows them to avoid the issue of secure storage of large amounts of Crypto

4/7 🧵

@Grayscale trusts trade at a premium to the underlying asset's spot price and the company charges a 2% management fee. This makes sense for long-term and large investors.

5/7 🧵

Grayscale manages other crypto assets in addition to BTC including ETH, BAT, BCH, MANA, LINK, ETC, FIL, ZEN, LTC, LPT, SOL, XLM and ZEC

6/7 🧵

The biggest problem is that they hold about 12b of BTC and we definitely don't want to see such sales pressure on the market 📉

Based on the news, we may get such a scenario soon, so do not rush to long

7/7 🧵

crypto cryptomarketnews GBTC

You can check what is happening with their funds here 👇

@Grayscale @DCGco

Grayscale Bitcoin Trust-Grayscale BTC Trust-Grayscale Bitcoin Trust Chart-Coinglass
This post is based on this twitter thread.


Please login to comment.