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Lesson 1 opens on
The Grayscale Bitcoin Trust discount, 2021 to 2024
GBTC held bitcoin and issued shares, but its sponsor was not operating a redemption program, so authorized participants could not buy shares cheaply and redeem them for the underlying. Nothing could force the share price toward the value of the bitcoin held. By the trust's own annual report, between May 2015 and December 2022 the shares were quoted at a maximum premium of 142 percent and an average premium of 37 percent, and at a discount on 468 days.
The lessons
- S212-01Spot ETFs and ETPsExplain how creation and redemption keep an ETF's price tethered to its net asset valueabout 32 min · opens on The Grayscale Bitcoin Trust discount, 2021 to 2024
- S212-02Futures-based and leveraged productsCompute the annual cost of rolling a futures position in a contango marketabout 43 min · opens on United States Oil Fund, April 2020
- S212-03Digital asset treasury companiesExplain the mNAV flywheel and why it reverses below a multiple of oneabout 34 min · opens on Satsuma Technology, 2025 to 2026
- S212-04Choosing a wrapperApply the five structural questions that separate one wrapper from anotherabout 32 min · opens on One custodian behind most of the category