The premium comes from their ability to create bitcoin exposure with downside protection for institutions that can’t own bitcoin or the ETF, and also their ability to grow their massive bitcoin holdings by continuing to run a speculative attack on the dollar.

Worth pointing out since a lot of people think the premium is based on mania and hot air.

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Discussion

what do you mean by downside protection ? is it comparable with nav on gbtc ?

I agree totally, but imo it doesn’t mean it isn’t susceptible to attack by short sellers etc… personally i believe the premium will expand meaningfully from here.

Agreed