Here's a scorecard on eight ways to own crypto. The most intriguing: a low-cost coin trust available at a nice discount
Here’s a scorecard on eight ways to own crypto. The most intriguing: a low-cost coin trust available at a nice discount.
The trusts trade at discounts to the value of the bitcoins they hold: recently 26% at Osprey, 28% at Grayscale. With either, you are making a bet both on crypto and on that discount. If the discount widens, you’re worse off than you would have been with a coin purchase. If it narrows, you have a windfall.
The ETF structure allows market makers to cash in unwanted fund shares via a swap for underlying assets. That sets up an arbitrage that keeps an ETF’s price close to the fund’s net asset value. Self-storage entails a fairly elaborate procedure to protect your private key from being lost or stolen. Next week you might walk into an open elevator shaft, so you need some mechanism for survivors to retrieve that key. The computer you use to generate the private and public keys for your coin repository has to be permanently isolated from the internet. The medium on which the secret is stored must be secure; Odean mentions an etched piece of metal as an option.
Pro: The fund trades at very close to net asset value. The shares that are quoted in U.S. dollars see $4 million of average daily volume.
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