Lub siab txuas ntxiv mus rau ntawm Greyscale nrog nws Bitcoin Trust (GBTC) thiab niam txiv tuam txhab Digital txiaj Group. Thiab raws li Ram Ahluwalia, CEO thiab co-founder ntawm crypto-native peev advisor Lumida, taw qhia nyob rau hauv ib tug tsis ntev los no xov, ob lub cim tshiab, Valkyrie Kev nqis peev thiab Fir Tree tau nkag mus rau "Shakespearean ua yeeb yam."
Qhov kev txhawb siab ntawm qhov thib ob, tshwj xeeb, yog qhov tsis zoo. Fir Tsob Ntoo yog ib qho nyiaj hedge nrog txog $ 3 nphom hauv cov cuab tam raws li kev tswj hwm (AUM) thiab ntau pua tus tuav. Cov ntaub ntawv SEC 13F qhia tau tias Fir Tree tuav First Citizen's Bank, KKR, Comcast, thiab ntau pua lwm yam kev nyab xeeb. Lawv kuj yog cov lag luam loj hauv roj thiab luam yeeb.
Ahluwalia, yog li ntawd, tsa cov lus nug ntawm yog vim li cas Fir Tsob Ntoo, raws li tus nqi nqis peev, muaj kev txaus siab rau GBTC thiab tau foob rau Grayscale thaum ntxov Lub Kaum Ob Hlis, tshwj xeeb tshaj yog vim tias cov nyiaj hedge tsis muaj GBTC ntau.
Fir Tree Capital Management tau foob qhov kev foob nrhiav cov ntaub ntawv uas tuaj yeem siv los yuam cov kev hloov pauv rau txoj hauv kev uas lub tuam txhab ua haujlwm nws cov txiaj ntsig Bitcoin Trust.
Qhov kev foob nrhiav Greyscale kom txo nws cov nqi, pib kev txhiv dim, thiab tso tawm cov ntaub ntawv ntsig txog nws txoj kev sib raug zoo nrog Digital txiaj Group. Tsis tas li ntawd, Fir Tsob Ntoo kuj nrhiav kom tsis txhob Greyscale qhov kev siv zog los hloov nws cov Grayscale Bitcoin Trust (GBTC) mus rau hauv qhov chaw pauv pauv nyiaj (ETF).
Ib luv luv ntawm Bitcoin, Crypto, Thiab Tether?
Ahluwalia xav tias cov lus sib cav hauv qhov kev foob tsis cuam tshuam txog lawv qhov kev txhawb siab tiag tiag. Fir Tsob Ntoo lees tias qhov kev txhawb siab nyob nrog "cov tub ua lag luam kawg" xws li "cov kws qhia ntawv, cov neeg tua hluav taws, tub ceev xwm, thiab lwm tus neeg ua haujlwm pej xeem" uas yog tus tswv GBTC.
Ahluwalia hais tias "Muaj ib zaj dab neeg loj dua ntawm no…Ua tsis ntseeg," hais tias Ahluwalia, piav qhia, "Fir Tree tab tom ua qhov kev twv loj dua tawm tsam crypto ecosystem (USDT, Bitcoin, thiab lwm yam) thiab thawb rau txhua qhov softpoints nws nrhiav tau."
Hauv qhov no, Chartered Financial Analyst (CFA) hais txog Bloomberg's kev tshwm sim tias Fir Tree tau ua txoj haujlwm luv luv ntawm Tether (USDT) thaum Lub Peb Hlis 2022. Fir Tsob Ntoo yog thawj koom ruam ntawm kev tawg ntawm USD/USDT peg, rau qee qhov "bank khiav" los ntawm Lub Peb Hlis 2023.
Txoj haujlwm tau raug teeb tsa raws li "kev lag luam asymmetric," txhais tau hais tias qhov kev pheej hmoo poob qis yog qhov tsawg thiab qhov khoom plig muaj peev xwm siab, nrog rau cov ntsiab lus tseem ceeb rau kev lag luam yog tias "ntau" ntawm daim ntawv lag luam txhawb nqa lub token yog khi rau cov neeg tsim khoom hauv Suav teb. , qee qhov teeb meem.
Tsis tas li ntawd, tus kws tshuaj ntsuam hais tias Fir Tree tau txheeb xyuas peb "softpoints” ntawm Bitcoin thiab crypto kev lag luam uas cov nyiaj pab cuam muaj peev xwm tuaj yeem ua rau: Greyscale, USDT daim ntawv cog lus, thiab Binance, whereas Fir Tsob Ntoo tsis tuaj yeem ua ib yam dab tsi txog kev sib pauv, raws li Ahluwalia. Ntawm GBTC, tus kws tshuaj ntsuam sau tseg:
Hmoov zoo, Kuv tsis pom txoj hauv kev ntseeg siab rau Greyscale Trust unwinding. Lub Trust yog ib qho nyiaj ntsuab thiab tuaj yeem tau txais tus nqi ntiag tug los ntawm 3rd tog ntawm cov nyiaj ntsuab. Dab tsi Fir Tree ua yog thawb ntawm cov ceg xoob ntawm cov quav.
Nrog rau kev foob, Fir Tsob Ntoo tuaj yeem sim txo qhov muaj feem ntawm DCG nce sab nraud peev thaum nws tus kheej thawj koom ruam tseem muaj txog 3 lub hlis los khiav. Nws kuj tseem tsis tau meej meej los ntawm 13F cov ntaub ntawv seb puas yog cov nyiaj hedge tseem luv luv Bitcoin lossis muaj OTM tso rau BTC.
Yeeb Yam Ntawm Kuv Tus Yeeb Yam Yog Kuv Tus Phooj Ywg Dynamic
Valkyrie, txawm tias nrog "heroic" kev xav, tsis ua rau qhov xwm txheej yooj yim dua thaum lawv tawm tswv yim los tuav lub luag haujlwm ntawm kev tswj hwm GBTC thiab txo cov nqi ntawm 2% mus rau 75 cov ntsiab lus. Tsis tas li ntawd, Valkyrie yuav siv Reg M. Ob leeg yuav ua rau Greyscale tus nqi.
"Kuv lub tswv yim yog tias tsob ntoo Fir tab tom sim ua mob rau qhov tshwm sim ntawm VC nce thiab thawb DCG hla ntawm ntug. […] Fir Tsob Ntoo thiab Valkyrie yog cov coj txawv txawv. Fir Tree yog thawj koom ruam tawm tsam Tether. Valkyrie yog positioned raws li tus hero rau Bitcoin / GBTC tuav. Qhov no yog 'tus yeeb ncuab ntawm kuv tus yeeb ncuab yog kuv tus phooj ywg' muaj zog", Ahluwalia hais.
Rau cov tub ua lag luam Bitcoin, qhov teeb meem tsis daws teeb meem nyob ib puag ncig DCG thiab Greyscale yog li tseem yog ib qho loj tshaj cov kev pheej hmoo txaus ntshai rau ntxiv crypto-intrinsic kev lag luam teeb meem. Thaum lub sijhawm xovxwm, tus nqi BTC yog $ 16,624.
Cov duab tshwj xeeb los ntawm Kanchanara / Unsplash, Daim Ntawv Qhia los ntawm TradingView.com
Tau qhov twg los: https://newsbtc.com/news/bitcoin/hedge-fund-bets-against-bitcoin-grayscale/