they weren’t. if so there would be no discount
Discussion
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.
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.