sounds like two people bad for business
Discussion
I'll give you the cliff notes version:
They went to school with Mark Zuckerberg. They came up it Facebook together. It was the twins idea but Zuck wrote the code.
Fast forward a few years...
FB is worth a lot of money and the twins want their piece. After a legal dispute that went to private arbitration, zuck paid them off.
They took their billion dollars and put it all into Bitcoin back when it was still pretty new.
Later they put most of their Bitcoin into the Grayscale trust and used the rest to fund an exchange they set up called Gemini.
They've been waiting for years to cash out their Grayscale Bitcoin and now they can.
Ah. I watched them on the social network !
Why couldn’t they sell before? Like ATH before ? Did they require theETF approval to sell to “their rich friends” ?
Way I understand it (and I might be only partly right here) is their Bitcoin was locked up in the trust, but after it got converted to an ETF two days ago they now hold ETF shares that they can sell.
Still don’t see how them selling etf shares affects BTC price. perhaps they were paid off and now the trust is freee to sell BTC on the open market as they sell etf shares too ?? IDK 🤷♂️