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.