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33 sats \ 2 replies \ @SwapMarket 15h \ on: The Dumbest Trade of 2025 (Bloomberg, Money Stuff, Matt Levine) econ
ETFs use specifically structured Special Purpose Vehicles to optimize for taxes and operational expenses. You bleed some percentage in annual fees compared to holding BTC directly. BTCTCs have no such optimizations, they use regular legal structures. mNAV should never reach 1 and in fact should gradually creep down to 0 due to operating expenses. There is no such thing as "infinite money glitch".
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0 sats \ 1 reply \ @denlillaapan OP 14h
what?!
It was all a ruse, a hussle?!
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0 sats \ 0 replies \ @SwapMarket 13h
Sailor initially spotted a so called "capital structure arbitrage" where convertible bonds investors wanted to get exposure to Bitcoin, and exploited it. That arbitrage gradually disappeared, as they all do.
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