Grayscale Investments bitcoin trust (GBTC) prices on June 16, NAV exceeded 34%. Arcane Research explained the dynamics with the Three Arrows Capital (3AC) problems.

Experts cited Bloomberg data, where 3AC is the largest owner of GBTC (38.9 million shares). Against the backdrop of liquidity issues, the company considered, among other things, the option to sell assets.

The hedge fund has created positions in the bitcoin trust, hoping to cash in on the discount removal ahead of the expected decision on July 6. SEC On Grayscale’s suggestion to convert GBTC to ETFs. To do this, the company bought trust shares and shorted the first cryptocurrency.

On June 29, before a decision on Grayscale’s application, the Commission will respond to Bitwise’s announcement of a spot Bitcoin ETF launch. The company is cautiously optimistic about this.

Analysts stressed that the reduction in GBTC to NAV seems unfair. With a management fee of 2% per year, the market does not “see” a closed trust turn into an exchange-traded fund in the next 17 years. Experts consider this scenario unlikely.

Arcane Research has rated the possible SEC approval of a spot bitcoin ETF as bearish. They explained this by the potential opening of short circuits in the first cryptocurrency by arbitrageurs.

Recall, Michael Sonnenschein, CEO of Grayscale Investments, called the launch of a reverse-traded bitcoin fund, which, with regulatory approval, allows you to open short positions in digital gold, as a positive moment.

Earlier, the senior executive acknowledged the possibility of suing the SEC if he refused to register the GBTC trust as a spot bitcoin ETF.

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