Are GBTC And Bitcoin ETFs Safe?

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In this video, I discuss the Grayscale Bitcoin Trust (GBTC), as well as Bitcoin ETF's like BITO, BITI, and BTCC.

GBTC could be a good investment if the price of Bitcoin remains constant or goes up, assuming that the discount doesn't widen, and also assuming that the discount contracts enough to offset the 2% annual management fee. That being said, you are still heavily reliant on Grayscale's operations, Coinbase Custody, and Coinbase Custody's insurers.

BITO and BITI are futures-based ETFs, and as such are subject to weird contango effects. Holding BITO exposes you to large negative carry, while BITI exposes you to Bitcoin melt-up risk.

BTCC is a Canadian Bitcoin spot ETF. Like other products, it offers you "paper Bitcoin" or a "Bitcoin IOU." There is counter-party risk and custodian risk, which you can avoid by buying BTC itself and holding it in cold storage.

Not investment advice! Consult a financial advisor.

Grayscale Bitcoin Trust (GBTC):
https://grayscale.com/products/grayscale-bitcoin-trust/

GBTC discount on Bitbo:
https://bitbo.io/

GBTC discount/premium chart:
https://ycharts.com/companies/GBTC/discount_or_premium_to_nav

Grayscale suing SEC:
https://www.cnbc.com/2022/06/30/grayscale-sues-sec-after-rejected-bid-to-turn-bitcoin-fund-into-etf.html

Coinbase Custody:
https://www.coinbase.com/custody/faq

BITO ETF:
https://www.proshares.com/our-etfs/strategic/bito

BITI ETF:
https://www.proshares.com/our-etfs/leveraged-and-inverse/biti/

Bitcoin futures settlement prices:
https://www.cmegroup.com/markets/cryptocurrencies/bitcoin/bitcoin.settlements.html

BTCC ETF:
https://www.purposeinvest.com/funds/purpose-bitcoin-etf

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