#bitcoin is on sale… (not just because it is undervalued and not just because it is coming into the halving) $GBTC closed Friday at a 42% discount. Buyers of this trust are buying #bitcoin at ~$15,800 but incurring chunky annual fees (around 3.5% on cash) As they shared at the #Miami @TheBitcoinConf - Fir Tree Partners (a US hedge fund) are suing Grayscale to force the ability to redeem. If successful, the discount will close immediately. This may create some sellers of #bitcoin, but Fir Tree are likely running a short against their position which they will need to cover. A 42% discount is closed with a 72.4% upside move. The lawsuit has been going on since last year, so there may be some more time for this to play out, but might be an interesting way to play the halving.

Cointelegraph

Fir Tree fund sues Grayscale in effort to force changes to Bitcoin Trust

Hedge fund Fir Tree Capital has filed a lawsuit against Grayscale Investments seeking information about its flagship Grayscale Bitcoin Trust (GBTC).