Replying to Avatar UNLICENSED MONEY TRANSMITTER

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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DRE 3mo ago 💬 1

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

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UNLICENSED MONEY TRANSMITTER 3mo ago 💬 1

i don’t blame them directly. that’s modern financialization. gbtc also just held bitcoin

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DRE 3mo ago 💬 1

I believe their shares could be redeemed for bitcoin by certain investors

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UNLICENSED MONEY TRANSMITTER 3mo ago 💬 1

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

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DRE 3mo ago

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.