so you’re telling me MSTR fucked this market up with the same kind of poisonous arbitrage GBTC did 4 years ago?
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What happened
MSTR is not and does not operate like Trust
All they do is buy Bitcoin. What other people do and speculate is just the market doing what the market does
i don’t blame them directly. that’s modern financialization. gbtc also just held bitcoin
I believe their shares could be redeemed for bitcoin by certain investors
they weren’t. if so there would be no discount
Authorized Participants (APs) could in fact redeem shares for actual Bitcoin. Retail investors couldn’t do this. Institutional players games this to arb the premium/discount.