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2021-11-24

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The World’s Largest Bitcoin Fund Is Troubled. Here’s Why.<blockquote>全球最大的比特币基金陷入困境。原因如下。</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":874364109,"tweetId":"874364109","gmtCreate":1637732321165,"gmtModify":1637732321353,"author":{"id":3576615106113162,"idStr":"3576615106113162","authorId":3576615106113162,"authorIdStr":"3576615106113162","name":"Daviistoh","avatar":"https://static.tigerbbs.com/5fa47c53322f21d8995790f695aa8e1c","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":17,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Power&nbsp;</body></html>","htmlText":"<html><head></head><body>Power&nbsp;</body></html>","text":"Power","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/874364109","repostId":1154925824,"repostType":4,"repost":{"id":"1154925824","kind":"news","pubTimestamp":1637731338,"share":"https://www.laohunote.com/m/news/1154925824?lang=zh_CN&edition=full","pubTime":"2021-11-24 13:22","market":"us","language":"en","title":"The World’s Largest Bitcoin Fund Is Troubled. Here’s Why.<blockquote>全球最大的比特币基金陷入困境。原因如下。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154925824","media":"Barrons","summary":"Bitcoin can’t seem to shake its funk. The world’s largest cryptocurrency was trading at around $57,3","content":"Bitcoin can’t seem to shake its funk. The world’s largest cryptocurrency was trading at around $57,300 on Tuesday, down 1% and hovering well below its all-time highs near $69,000.<blockquote>比特币似乎无法摆脱它的恐惧。全球最大的加密货币周二交易价格约为 57,300 美元，下跌 1%，远低于近 69,000 美元的历史高点。</blockquote> Investors in the&nbsp;Grayscale Bitcoin Trust&nbsp;(ticker: GBTC), however, may be faring even worse.<blockquote>然而，灰度比特币信托基金（股票代码：GBTC）的投资者的情况可能会更糟。</blockquote> With $37 billion in assets, the Grayscale trust is the world’s largest Bitcoin fund. It towers over every other fund on the market. Its next-closest rival, the&nbsp;ProShares Bitcoin Strategy&nbsp;(BITO) exchange-traded fund, has racked up $1.3 billion in assets since launching in October.<blockquote>Grayscale trust 拥有 370 亿美元的资产，是世界上最大的比特币基金。它优于市场上所有其他基金。其下一个最接近的竞争对手 ProShares 比特币策略 (BITO) 交易所交易基金自 10 月份推出以来已积累了 13 亿美元的资产。</blockquote> Investors have flooded into the Grayscale trust because it owns Bitcoin directly, while the ProShares ETF and others gain exposure through futures contracts. The Securities and Exchange Commission hasn’t approved a spot-based Bitcoin ETF, recently rejecting an application from VanEck.<blockquote>投资者纷纷涌入灰度信托基金，因为它直接拥有比特币，而 ProShares ETF 和其他基金则通过期货合约获得敞口。美国证券交易委员会尚未批准基于现货的比特币 ETF，最近拒绝了 VanEck 的申请。</blockquote> “An ETF is the most efficient way to resolve any discrepancy between our products’ share price and the NAV,” a Grayscale spokesman says. “Investors want their Bitcoin exposure in the form of a Bitcoin Spot ETF, and, at Grayscale, it’s what we believe they deserve.”<blockquote>“Grayscale 发言人说：”ETF 是解决我们产品股价与资产净值之间任何差异的最有效方法。“投资者希望以比特币现货 ETF 的形式投资比特币，在 Grayscale，我们认为这是他们应得的。”</blockquote> Many institutional investors own Bitcoin through the Grayscale trust. Its largest holder is Ark Invest, the fund shop run by Cathie Wood, which has invested $375 million in the trust, including assets held in its&nbsp;Ark Next Generation&nbsp;ETF (ARKW). At least 47 mutual funds and separate accounts own stakes in the trust, according to Morningstar.<blockquote>许多机构投资者通过灰度信托拥有比特币。其最大持有人是 Cathie Wood 经营的基金公司 Ark Invest，该公司已向该信托投资了 3.75 亿美元，其中包括其 Ark Next Generation ETF (ARKW) 中持有的资产。据晨星公司称，至少有 47 家共同基金和独立账户持有该信托的股份。</blockquote> But many of those investors would have been better off owning Bitcoin directly, according to a Morningstar report issued Monday.<blockquote>但根据晨星公司周一发布的一份报告，其中许多投资者最好直接拥有比特币。</blockquote> Shares of the trust, which trade over the counter, are up 42% this year versus a 95% gain for Bitcoin, through Oct. 29. Over the last year, the shares have gained 220% versus 340% for Bitcoin, according to Morningstar. The gap has widened over time. The Trust is up 648% and 4,048% for the respective three- and five-year periods, versus 876% and 8,427%, respectively, for Bitcoin.<blockquote>截至 10 月 29 日，该信托基金的场外交易股价今年上涨了 42%，而比特币的股价上涨了 95%。晨星公司的数据显示，去年该公司股价上涨了 220%，而比特币股价上涨了 340%。随着时间的推移，差距越来越大。该信托在三年和五年期间分别增长了 648% 和 4,048%，而比特币则分别增长了 876% 和 8,427%。</blockquote> Some of the performance gap comes down to the trust’s 2% annual expense ratio. That is well above the roughly 1% fee charged by ETFs and mutual funds that own Bitcoin through futures contracts.<blockquote>部分业绩差距可归因于信托基金 2% 的年度费用率。这远高于通过期货合约持有比特币的 ETF 和共同基金收取的约 1% 的费用。</blockquote> The bigger problem is that the&nbsp;Grayscale Bitcoin Trust&nbsp;is structured like a closed-end fund with a fixed number of shares on the market. The shares may trade at a premium or discount to the fund’s underlying net asset value, or NAV, depending on market demand.<blockquote>更大的问题是，灰度比特币信托的结构就像一个封闭式基金，市场上有固定数量的股票。根据市场需求，股票的交易价格可能会高于基金的标的资产净值（NAV）。</blockquote> The shares currently trade at a 14% discount. That means investors who buy on the open market are effectively getting $1 of Bitcoin for 86 cents on the dollar.<blockquote>该股票目前的交易价格为 14%。这意味着在公开市场上购买的投资者实际上可以以 86 美分兑换 1 美元的比特币。</blockquote> That sounds like a great deal, but the discount to the NAV isn’t likely to narrow soon. And since the fund has traded at steep premiums, investors buying on the open market have overpaid for Bitcoin itself.<blockquote>这听起来很划算，但资产净值的折扣不太可能很快缩小。由于该基金的交易价格很高，在公开市场上买入的投资者为比特币本身支付了过高的价格。</blockquote> The fund traded at premiums to its NAV from Nov. 1, 2018, to March 1, 2021, when it flipped from a premium to a discount.<blockquote>从 2018 年 11 月 1 日到 2021 年 3 月 1 日，该基金的交易价格比其资产净值溢价，之后从溢价转为折价。</blockquote> An investor who bought the fund on the market on Dec. 22, 2020, when the premium was at its peak, would have gained 64% through October, according to Morningstar. But Bitcoin itself rose 160% over that stretch.<blockquote>根据晨星公司的数据，2020 年 12 月 22 日溢价达到峰值时，在市场上购买该基金的投资者到 10 月份将上涨 64%。但比特币本身在此期间上涨了 160%。</blockquote> “Investors that crowded into GBTC, buying at a premium, really got burned,” says Morningstar analyst Bobby Blue.<blockquote>“晨星公司分析师鲍比-布鲁（Bobby Blue）说：”涌入 GBTC 并溢价买入的投资者真的被烧伤了。</blockquote> Accredited investors, with at least $1 million of net worth or annual income above $200,000, may have done better. Such investors are eligible to buy the shares directly from Grayscale at the NAV price. Grayscale filed for 35 private placements throughout 2020 and into early 2021, according to Morningstar.<blockquote>净资产至少100万美元或年收入超过20万美元的合格投资者可能会做得更好。此类投资者有资格以资产净值价格直接从灰度购买股票。据晨星公司称，Grayscale 在 2020 年至 2021 年初申请了 35 笔私募。</blockquote> When the trust traded at a premium, buying at the NAV could have paid off handsomely, since investors gained access to assets at a discount to their market price.<blockquote>当该信托以溢价交易时，以资产净值购买可能会获得丰厚的回报，因为投资者可以以低于市场价格的价格获得资产。</blockquote> Grayscale collected $1.2 billion in assets from accredited or institutional investors in December, 2020, a period when the Trust traded at premiums of 19% to 40%, according to Morningstar.<blockquote>据晨星公司称，Grayscale 于 2020 年 12 月从合格或机构投资者那里收集了 12 亿美元的资产，在此期间，该信托的交易溢价为 19% 至 40%。</blockquote> “Those stuck buying on the open market had to do so at a significantly marked-up price,” says Blue. He notes that the premiums spiked from October 2020 to February 2021, as meme stocks surged and Bitcoin’s price soared.<blockquote>“布鲁说：”那些坚持在公开市场上买入的人不得不以大幅提高的价格买入。他指出，从 2020 年 10 月到 2021 年 2 月，随着备忘录股票激增和比特币价格飙升，保费飙升。</blockquote> Grayscale filed an application with the SEC in October to convert the Trust to an ETF. But the SEC’s recent rejection of a spot-Bitcoin ETF signals that regulators aren’t yet comfortable with the underlying spot market. SEC Chairman Gary Gensler has indicated that the regulatory path for Bitcoin ETFs goes through the futures market.<blockquote>Grayscale 于 10 月份向 SEC 提交了将该信托转换为 ETF 的申请。但美国证券交易委员会最近拒绝了现货比特币 ETF，这表明监管机构对基础现货市场还不放心。SEC主席Gary Gensler表示，比特币ETF的监管路径是通过期货市场。</blockquote> Grayscale parent company Digital Currency Group announced in October that it would buy back up to $1 billion of the trust on the market. DCG said it had already bought back $388 million worth of shares. But that hasn’t moved the needle on the discount, partly because it amounts to about 1% of the fund’s assets.<blockquote>Grayscale 母公司数字货币集团 (Digital Currency Group) 于 10 月份宣布，将在市场上回购该信托基金高达 10 亿美元。DCG表示，它已经回购了价值3.88亿美元的股票。但这并没有改变折扣，部分原因是折扣约占基金资产的 1%。</blockquote> Another reason the discount hasn’t narrowed: more competition for Grayscale. Several Bitcoin futures ETFs are now trading the U.S., all of which have lower fees, along with some spot-based ETFs on the Canadian market.<blockquote>折扣没有缩小的另一个原因是： 灰度的竞争加剧。几只比特币期货 ETF 目前正在美国进行交易，所有这些交易的费用都较低，加拿大市场上还有一些现货 ETF。</blockquote> Grayscale has incentives not to convert to an ETF, too. Its 2% expense ratio is generating $740 million in annualized fee income at recent asset levels. ETFs generally charge about half that expense ratio, and Grayscale earns its fee on the NAV, not the underlying share price, which may be lower.<blockquote>灰度也有不转换为 ETF 的动机。按最近的资产水平计算，其 2% 的费用率产生了 7.4 亿美元的年化费用收入。ETF 通常收取该费用率的一半左右，而 Grayscale 的费用来自资产净值，而不是标的股价，标的股价可能会更低。</blockquote> Grayscale did not immediately reply to a request for comment.<blockquote>灰度没有立即回复置评请求。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The World’s Largest Bitcoin Fund Is Troubled. Here’s Why.<blockquote>全球最大的比特币基金陷入困境。原因如下。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe World’s Largest Bitcoin Fund Is Troubled. Here’s Why.<blockquote>全球最大的比特币基金陷入困境。原因如下。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-11-24 13:22\n\n</h4>\n</header>\n<article>\nBitcoin can’t seem to shake its funk. The world’s largest cryptocurrency was trading at around $57,300 on Tuesday, down 1% and hovering well below its all-time highs near $69,000.<blockquote>比特币似乎无法摆脱它的恐惧。全球最大的加密货币周二交易价格约为 57,300 美元，下跌 1%，远低于近 69,000 美元的历史高点。</blockquote> Investors in the&nbsp;Grayscale Bitcoin Trust&nbsp;(ticker: GBTC), however, may be faring even worse.<blockquote>然而，灰度比特币信托基金（股票代码：GBTC）的投资者的情况可能会更糟。</blockquote> With $37 billion in assets, the Grayscale trust is the world’s largest Bitcoin fund. It towers over every other fund on the market. Its next-closest rival, the&nbsp;ProShares Bitcoin Strategy&nbsp;(BITO) exchange-traded fund, has racked up $1.3 billion in assets since launching in October.<blockquote>Grayscale trust 拥有 370 亿美元的资产，是世界上最大的比特币基金。它优于市场上所有其他基金。其下一个最接近的竞争对手 ProShares 比特币策略 (BITO) 交易所交易基金自 10 月份推出以来已积累了 13 亿美元的资产。</blockquote> Investors have flooded into the Grayscale trust because it owns Bitcoin directly, while the ProShares ETF and others gain exposure through futures contracts. The Securities and Exchange Commission hasn’t approved a spot-based Bitcoin ETF, recently rejecting an application from VanEck.<blockquote>投资者纷纷涌入灰度信托基金，因为它直接拥有比特币，而 ProShares ETF 和其他基金则通过期货合约获得敞口。美国证券交易委员会尚未批准基于现货的比特币 ETF，最近拒绝了 VanEck 的申请。</blockquote> “An ETF is the most efficient way to resolve any discrepancy between our products’ share price and the NAV,” a Grayscale spokesman says. “Investors want their Bitcoin exposure in the form of a Bitcoin Spot ETF, and, at Grayscale, it’s what we believe they deserve.”<blockquote>“Grayscale 发言人说：”ETF 是解决我们产品股价与资产净值之间任何差异的最有效方法。“投资者希望以比特币现货 ETF 的形式投资比特币，在 Grayscale，我们认为这是他们应得的。”</blockquote> Many institutional investors own Bitcoin through the Grayscale trust. Its largest holder is Ark Invest, the fund shop run by Cathie Wood, which has invested $375 million in the trust, including assets held in its&nbsp;Ark Next Generation&nbsp;ETF (ARKW). At least 47 mutual funds and separate accounts own stakes in the trust, according to Morningstar.<blockquote>许多机构投资者通过灰度信托拥有比特币。其最大持有人是 Cathie Wood 经营的基金公司 Ark Invest，该公司已向该信托投资了 3.75 亿美元，其中包括其 Ark Next Generation ETF (ARKW) 中持有的资产。据晨星公司称，至少有 47 家共同基金和独立账户持有该信托的股份。</blockquote> But many of those investors would have been better off owning Bitcoin directly, according to a Morningstar report issued Monday.<blockquote>但根据晨星公司周一发布的一份报告，其中许多投资者最好直接拥有比特币。</blockquote> Shares of the trust, which trade over the counter, are up 42% this year versus a 95% gain for Bitcoin, through Oct. 29. Over the last year, the shares have gained 220% versus 340% for Bitcoin, according to Morningstar. The gap has widened over time. The Trust is up 648% and 4,048% for the respective three- and five-year periods, versus 876% and 8,427%, respectively, for Bitcoin.<blockquote>截至 10 月 29 日，该信托基金的场外交易股价今年上涨了 42%，而比特币的股价上涨了 95%。晨星公司的数据显示，去年该公司股价上涨了 220%，而比特币股价上涨了 340%。随着时间的推移，差距越来越大。该信托在三年和五年期间分别增长了 648% 和 4,048%，而比特币则分别增长了 876% 和 8,427%。</blockquote> Some of the performance gap comes down to the trust’s 2% annual expense ratio. That is well above the roughly 1% fee charged by ETFs and mutual funds that own Bitcoin through futures contracts.<blockquote>部分业绩差距可归因于信托基金 2% 的年度费用率。这远高于通过期货合约持有比特币的 ETF 和共同基金收取的约 1% 的费用。</blockquote> The bigger problem is that the&nbsp;Grayscale Bitcoin Trust&nbsp;is structured like a closed-end fund with a fixed number of shares on the market. The shares may trade at a premium or discount to the fund’s underlying net asset value, or NAV, depending on market demand.<blockquote>更大的问题是，灰度比特币信托的结构就像一个封闭式基金，市场上有固定数量的股票。根据市场需求，股票的交易价格可能会高于基金的标的资产净值（NAV）。</blockquote> The shares currently trade at a 14% discount. That means investors who buy on the open market are effectively getting $1 of Bitcoin for 86 cents on the dollar.<blockquote>该股票目前的交易价格为 14%。这意味着在公开市场上购买的投资者实际上可以以 86 美分兑换 1 美元的比特币。</blockquote> That sounds like a great deal, but the discount to the NAV isn’t likely to narrow soon. And since the fund has traded at steep premiums, investors buying on the open market have overpaid for Bitcoin itself.<blockquote>这听起来很划算，但资产净值的折扣不太可能很快缩小。由于该基金的交易价格很高，在公开市场上买入的投资者为比特币本身支付了过高的价格。</blockquote> The fund traded at premiums to its NAV from Nov. 1, 2018, to March 1, 2021, when it flipped from a premium to a discount.<blockquote>从 2018 年 11 月 1 日到 2021 年 3 月 1 日，该基金的交易价格比其资产净值溢价，之后从溢价转为折价。</blockquote> An investor who bought the fund on the market on Dec. 22, 2020, when the premium was at its peak, would have gained 64% through October, according to Morningstar. But Bitcoin itself rose 160% over that stretch.<blockquote>根据晨星公司的数据，2020 年 12 月 22 日溢价达到峰值时，在市场上购买该基金的投资者到 10 月份将上涨 64%。但比特币本身在此期间上涨了 160%。</blockquote> “Investors that crowded into GBTC, buying at a premium, really got burned,” says Morningstar analyst Bobby Blue.<blockquote>“晨星公司分析师鲍比-布鲁（Bobby Blue）说：”涌入 GBTC 并溢价买入的投资者真的被烧伤了。</blockquote> Accredited investors, with at least $1 million of net worth or annual income above $200,000, may have done better. Such investors are eligible to buy the shares directly from Grayscale at the NAV price. Grayscale filed for 35 private placements throughout 2020 and into early 2021, according to Morningstar.<blockquote>净资产至少100万美元或年收入超过20万美元的合格投资者可能会做得更好。此类投资者有资格以资产净值价格直接从灰度购买股票。据晨星公司称，Grayscale 在 2020 年至 2021 年初申请了 35 笔私募。</blockquote> When the trust traded at a premium, buying at the NAV could have paid off handsomely, since investors gained access to assets at a discount to their market price.<blockquote>当该信托以溢价交易时，以资产净值购买可能会获得丰厚的回报，因为投资者可以以低于市场价格的价格获得资产。</blockquote> Grayscale collected $1.2 billion in assets from accredited or institutional investors in December, 2020, a period when the Trust traded at premiums of 19% to 40%, according to Morningstar.<blockquote>据晨星公司称，Grayscale 于 2020 年 12 月从合格或机构投资者那里收集了 12 亿美元的资产，在此期间，该信托的交易溢价为 19% 至 40%。</blockquote> “Those stuck buying on the open market had to do so at a significantly marked-up price,” says Blue. He notes that the premiums spiked from October 2020 to February 2021, as meme stocks surged and Bitcoin’s price soared.<blockquote>“布鲁说：”那些坚持在公开市场上买入的人不得不以大幅提高的价格买入。他指出，从 2020 年 10 月到 2021 年 2 月，随着备忘录股票激增和比特币价格飙升，保费飙升。</blockquote> Grayscale filed an application with the SEC in October to convert the Trust to an ETF. But the SEC’s recent rejection of a spot-Bitcoin ETF signals that regulators aren’t yet comfortable with the underlying spot market. SEC Chairman Gary Gensler has indicated that the regulatory path for Bitcoin ETFs goes through the futures market.<blockquote>Grayscale 于 10 月份向 SEC 提交了将该信托转换为 ETF 的申请。但美国证券交易委员会最近拒绝了现货比特币 ETF，这表明监管机构对基础现货市场还不放心。SEC主席Gary Gensler表示，比特币ETF的监管路径是通过期货市场。</blockquote> Grayscale parent company Digital Currency Group announced in October that it would buy back up to $1 billion of the trust on the market. DCG said it had already bought back $388 million worth of shares. But that hasn’t moved the needle on the discount, partly because it amounts to about 1% of the fund’s assets.<blockquote>Grayscale 母公司数字货币集团 (Digital Currency Group) 于 10 月份宣布，将在市场上回购该信托基金高达 10 亿美元。DCG表示，它已经回购了价值3.88亿美元的股票。但这并没有改变折扣，部分原因是折扣约占基金资产的 1%。</blockquote> Another reason the discount hasn’t narrowed: more competition for Grayscale. Several Bitcoin futures ETFs are now trading the U.S., all of which have lower fees, along with some spot-based ETFs on the Canadian market.<blockquote>折扣没有缩小的另一个原因是： 灰度的竞争加剧。几只比特币期货 ETF 目前正在美国进行交易，所有这些交易的费用都较低，加拿大市场上还有一些现货 ETF。</blockquote> Grayscale has incentives not to convert to an ETF, too. Its 2% expense ratio is generating $740 million in annualized fee income at recent asset levels. ETFs generally charge about half that expense ratio, and Grayscale earns its fee on the NAV, not the underlying share price, which may be lower.<blockquote>灰度也有不转换为 ETF 的动机。按最近的资产水平计算，其 2% 的费用率产生了 7.4 亿美元的年化费用收入。ETF 通常收取该费用率的一半左右，而 Grayscale 的费用来自资产净值，而不是标的股价，标的股价可能会更低。</blockquote> Grayscale did not immediately reply to a request for comment.<blockquote>灰度没有立即回复置评请求。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/grayscale-bitcoin-trust-fund-etf-price-51637689328?mod=hp_LATEST\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale","BITO":"比特币期货ETF-ProShares"},"source_url":"https://www.barrons.com/articles/grayscale-bitcoin-trust-fund-etf-price-51637689328?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154925824","content_text":"Bitcoin can’t seem to shake its funk. The world’s largest cryptocurrency was trading at around $57,300 on Tuesday, down 1% and hovering well below its all-time highs near $69,000.\nInvestors in the Grayscale Bitcoin Trust (ticker: GBTC), however, may be faring even worse.\nWith $37 billion in assets, the Grayscale trust is the world’s largest Bitcoin fund. It towers over every other fund on the market. Its next-closest rival, the ProShares Bitcoin Strategy (BITO) exchange-traded fund, has racked up $1.3 billion in assets since launching in October.\nInvestors have flooded into the Grayscale trust because it owns Bitcoin directly, while the ProShares ETF and others gain exposure through futures contracts. The Securities and Exchange Commission hasn’t approved a spot-based Bitcoin ETF, recently rejecting an application from VanEck.\n“An ETF is the most efficient way to resolve any discrepancy between our products’ share price and the NAV,” a Grayscale spokesman says. “Investors want their Bitcoin exposure in the form of a Bitcoin Spot ETF, and, at Grayscale, it’s what we believe they deserve.”\nMany institutional investors own Bitcoin through the Grayscale trust. Its largest holder is Ark Invest, the fund shop run by Cathie Wood, which has invested $375 million in the trust, including assets held in its Ark Next Generation ETF (ARKW). At least 47 mutual funds and separate accounts own stakes in the trust, according to Morningstar.\nBut many of those investors would have been better off owning Bitcoin directly, according to a Morningstar report issued Monday.\nShares of the trust, which trade over the counter, are up 42% this year versus a 95% gain for Bitcoin, through Oct. 29. Over the last year, the shares have gained 220% versus 340% for Bitcoin, according to Morningstar. The gap has widened over time. The Trust is up 648% and 4,048% for the respective three- and five-year periods, versus 876% and 8,427%, respectively, for Bitcoin.\nSome of the performance gap comes down to the trust’s 2% annual expense ratio. That is well above the roughly 1% fee charged by ETFs and mutual funds that own Bitcoin through futures contracts.\nThe bigger problem is that the Grayscale Bitcoin Trust is structured like a closed-end fund with a fixed number of shares on the market. The shares may trade at a premium or discount to the fund’s underlying net asset value, or NAV, depending on market demand.\nThe shares currently trade at a 14% discount. That means investors who buy on the open market are effectively getting $1 of Bitcoin for 86 cents on the dollar.\nThat sounds like a great deal, but the discount to the NAV isn’t likely to narrow soon. And since the fund has traded at steep premiums, investors buying on the open market have overpaid for Bitcoin itself.\nThe fund traded at premiums to its NAV from Nov. 1, 2018, to March 1, 2021, when it flipped from a premium to a discount.\nAn investor who bought the fund on the market on Dec. 22, 2020, when the premium was at its peak, would have gained 64% through October, according to Morningstar. But Bitcoin itself rose 160% over that stretch.\n“Investors that crowded into GBTC, buying at a premium, really got burned,” says Morningstar analyst Bobby Blue.\nAccredited investors, with at least $1 million of net worth or annual income above $200,000, may have done better. Such investors are eligible to buy the shares directly from Grayscale at the NAV price. Grayscale filed for 35 private placements throughout 2020 and into early 2021, according to Morningstar.\nWhen the trust traded at a premium, buying at the NAV could have paid off handsomely, since investors gained access to assets at a discount to their market price.\nGrayscale collected $1.2 billion in assets from accredited or institutional investors in December, 2020, a period when the Trust traded at premiums of 19% to 40%, according to Morningstar.\n“Those stuck buying on the open market had to do so at a significantly marked-up price,” says Blue. He notes that the premiums spiked from October 2020 to February 2021, as meme stocks surged and Bitcoin’s price soared.\nGrayscale filed an application with the SEC in October to convert the Trust to an ETF. But the SEC’s recent rejection of a spot-Bitcoin ETF signals that regulators aren’t yet comfortable with the underlying spot market. SEC Chairman Gary Gensler has indicated that the regulatory path for Bitcoin ETFs goes through the futures market.\nGrayscale parent company Digital Currency Group announced in October that it would buy back up to $1 billion of the trust on the market. DCG said it had already bought back $388 million worth of shares. But that hasn’t moved the needle on the discount, partly because it amounts to about 1% of the fund’s assets.\nAnother reason the discount hasn’t narrowed: more competition for Grayscale. Several Bitcoin futures ETFs are now trading the U.S., all of which have lower fees, along with some spot-based ETFs on the Canadian market.\nGrayscale has incentives not to convert to an ETF, too. Its 2% expense ratio is generating $740 million in annualized fee income at recent asset levels. ETFs generally charge about half that expense ratio, and Grayscale earns its fee on the NAV, not the underlying share price, which may be lower.\nGrayscale did not immediately reply to a request for comment.","news_type":1,"symbols_score_info":{"GBTC":0.9,"BITO":0.9}},"isVote":1,"tweetType":1,"viewCount":2060,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["PW"],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":5,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/874364109"}