关键的洞察力﹕
◉ 该行业最大的投资产品,Grayscale的比特币信托(GBTC)的股票今天以资产净值的30%折价交易,相对于相关信托资产的公平价值,所有Grayscale产品的资本减值总额为60亿美元。
◉ 当涉及到GBTC时,Grayscale的负责人(如Barry Silbert)和SEC的反对者(如主席Gary Gensler)从僵局中获胜,而投资者则输了。
◉ Grayscale申请将比特币信托转换为ETF,这将关闭GBTC的股份折价,并允许投资者赎回资金,但这一申请已被拒绝。
◉ 在接下来的几个月里,由于在中期有一条独特的赎回路径,GBTC仍然有一条(狭窄的)超越现货比特币的路径。
GBTC是否会转换为ETF?投资者是否能够将他们的比特币从灰度比特币信托中撤出?对于GBTC的持有者来说,还有什么希望吗?今天,我将通过逐步了解加密货币中最被误解的产品来解开这些问题。
背景介绍
Grayscale是加密货币最大的资产管理公司,在其各种封闭式信托中管理着近200亿美元的资产(AUM)。灰度比特币信托持有所有流通中的比特币的3.5%,其股票(GBTC)是最大和最具流动性的公开交易的加密货币交易产品。
灰度产品就像ETF,但不是*真正的ETF。
首先,灰度信托在场外市场交易,而不是在美国证券交易委员会注册的交易所交易。大多数零售投资者不会注意到他们的经纪账户有什么不同*,但基金的法律结构和交易地点对机构,特别是共同基金来说很重要。
此外,由于我曾详细写过的一个漏洞,灰度的产品及其资产管理基本上是永久性的。现在没有任何赎回机制可以让投资者将GBTC股票换成比特币。这使得Grayscale在目前的加密货币价格下,每年可以打印近4亿美元的收入。在没有压力的情况下,减少费用或颁布允许从信托中提取的变化。
当然,投资者可以在公开市场上出售GBTC,但那里的股价并不反映信托公司基础资产的价值(NAV)。为了使股价可靠地接近资产净值,你需要做市商每天创造和赎回信托基金的股份,套利股份和现货商品价格之间的供需差异。这就是现货ETF的运作方式。把赎回从等式中剔除,产品就会变得很糟糕。特别是现在有许多其他值得信赖的产品为投资者提供比特币风险。
Grayscale的产品对Grayscale的所有者Digital Currency Group(DCG)有利,而对所有其他GBTC投资者和借贷对手方不利(我们将在下文介绍),因为即使GBTC表现得很糟糕,其持有人处于水下,Grayscale也能获得固定的管理费。
缩小资产净值的差距
GBTC相对于资产净值的折价现在接近历史最低点,约为30%。这并不重要。Grayscale通过信托保管的比特币获得报酬,而不是通过股票的公众流通量。
Grayscale试图关闭投资者的价格与资产净值的折扣–(最终)提供GBTC的赎回以换取现货比特币–取决于其信托基金成功转换为一个完全运作的ETF。然而,今晚的转换申请被拒绝。正如预期的那样。
现在所有的目光都将集中在Grayscale的回应和该公司采取的下一步措施,以修复一个连该公司都披露 “没有达到其投资目标 “的产品。其他支持价格的努力–大型的Grayscale营销活动、GBTC股票回购、暗示在转换申请被拒绝后起诉SEC要求批准–都未能缩小股价和GBTC之间的差距。
Grayscale的产品已经坏了。由于SEC领导层的阻挠,SEC显然不会让他们修复它。而投资者被困于中间,60亿美元的资本减值处于危险之中。GBTC的股价能否恢复到其基本的资产净值?
灰度公司无法控制美国证券交易委员会,但他们可以控制自己的反应,这应该包括他们今天可以做的一件事,以帮助投资者,即使它在短期内伤害了自己……
推动 “Reg M “赎回计划。
拒绝ETF后的选择
投资者理应感到愤怒。
如果没有赎回机制,投资者就没有法律手段来要求获得支持其股份的基础资产。GBTC理论上可以在公开市场上以75%的折扣进行交易,而Grayscale可以继续在基础信托资产上收取2%的费用,直到他们将所有的比特币作为收入吸收到自己手中。或者直到他们从投降者那里购买所有的GBTC股份,然后在解散信托时赎回这些股份。
(为什么*这个*的废话是合法的,而一个现货比特币ETF却被黑掉了?)
我并不是说DCG(Grayscale的母公司)会故意在ETF的斗争中拖后腿。这将损害他们作为行业主要参与者的声誉,并损害信托的主要经纪人和授权参与者Genesis(这是Grayscale的姐妹公司)以及信托的指数提供者TradeBlock(这也是Grayscale的姐妹公司)的声誉。
但是,今天DCG/Grayscale和投资者之间存在着巨大的、巨大的、巨大的激励错配。
DCG有价值4亿美元的充分理由来拖延时间,维持现状,或者干脆假装打一场漂亮的仗,因为他们正在对美国证券交易委员会提起诉讼。
如果 “胜诉 “并最终转换为ETF,将使灰度的收入减少50%以上。ETF意味着一个开放的赎回窗口,而且为了保留AUM,可能会减少费用。我们正在谈论DCG每年减少2亿多美元的利润。
随着Genesis传闻的巨大损失(很大程度上是由于向现已倒闭的3 Arrows Capital提供的不良贷款造成的……其不良的GBTC抵押品实际上帮助炸毁了该公司……请耐心等待,我会解释),你必须问,相对于高利润的巨额GBTC费用,声誉值多少?
现在,让我们假设灰度公司代表他们的投资者进行了真诚的斗争。该公司可以从五个ETF拒绝后的选项中选择,以解决GBTC的折扣问题。
- 1. Grayscale降低费用或寻求 “Reg M “豁免以解锁赎回。
- 2. Grayscale和DCG在公开市场上回购GBTC的股份。
- 3. Grayscale起诉美国证券交易委员会,并通过法院赢得ETF转换,或者美国证券交易委员会在法庭斗争中松口并批准了申请。
- 4. 股东起诉Grayscale并解散信托,按资产净值获得比特币。
- 5. 股东向美国证券交易委员会上诉,要求获得Reg M豁免,允许他们赎回股份。独特的,也许是史无前例的,但却是明智的。
如果你想提前切入正题,对投资者来说,获胜的玩法可能是第5号,否则你只是在看Barry Silbert-Gary Gensler的凯子,而陷于一个糟糕的交易。
让我们逐个选项来看看。
1. 灰度降低费用,或因基金表现不佳而寻求Reg M赎回。
(狂笑。) “让我们放弃数以亿计的美元,否则合同将永远锁定在我们身上。” 没有发生。
灰度唯一会降低费用的时候是在基本的市场压力下被迫这样做。在ETF转换的情况下,许多投资者会立即采取行动,赎回他们的水下股票,因为有许多成本较低的比特币风险选择。因为Grayscale使用Coinbase作为其信托的托管人,理论上,实物赎回计划可以简单地从Grayscale的独立账户一键转移到个人的Coinbase钱包。
Grayscale将从ETF转换中保留(并接回)的投资者是机构和共同基金,以及懒得转移资金或在退休账户中持有GBTC的零售投资者。Grayscale对这些客户的保留可能取决于将他们的年费降低到1%或更低,如果GBTC赢得转换,Grayscale已经暗示会这样做。
Reg M赎回选项的情况也是如此。
曾几何时,Grayscale为其GBTC投资者提供了一个赎回方案。
美国证券交易委员会对他们进行了罚款,因为他们违反了证券法,并在公司追求新创建股份的 “连续发行 “的同时运行一个赎回计划。我没有骗你。基本上,美国证券交易委员会惩罚了灰度和创世公司,因为他们做了一个公平的市场。他们说:”嘿,Genesis,Grayscale的授权参与者,你不能在处理新股的同时为赎回提供便利,赚取利润。交出你的利润并停止这样做。” 创世公司服从命令,灰度公司关闭了赎回计划。然后,Grayscale决定,他们追求股东流动性的唯一途径是通过OTC市场上市(根据称为144规则),并最终成为ET1。
有一段时间,没有人抱怨!
直到2021年初,GBTC的交易价格比资产净值高出很多,所以任何在Grayscale私下创建股份的认可投资者都不*想要*赎回。他们想在6个月的持有期后,在公开市场上以溢价出售这些股票。(这就是上周炸毁所有贷款台的交易)。还有两节,我保证,我会解释的)。
今天,灰度可以推动美国证券交易委员会让他们推行Reg M赎回计划。但他们不会。为什么要乞求阻止ETF的监管机构来破坏你的业务?
当投资者问及Grayscale时,该公司可以如实(但不是 “全部 “如实)回答,他们曾经有一个Reg M计划(但他们因此受到惩罚),所以他们将继续追求ETF转换申请。这有点像耍花招,但他们没有撒谎。这主要是SEC的错。
2. 灰度和DCG在公开市场上回购GBTC的股票。
有过这样的经历,做过这样的事。
DCG在10月份宣布,他们批准了一项计划,从DCG的资产负债表中购买高达10亿美元的GBTC股票。当时,DCG已经购买了价值3.88亿美元的股票,而GBTC的折价率仍为15%。如果他们从那时起继续回购股票,也没有什么帮助。在过去的六个月里,折价翻了一番,由于创世公司最近与一些贷款对手方发生的坏账,DCG的资产负债表吸收了巨大的打击。
我从可靠的消息来源得知,3AC破产所带来的损失对Genesis来说高达7亿美元。所有DCG的资产负债表都被指定用于GBTC股票回购?在我们本月目睹的贷款大屠杀中,它很可能被改道用于支持Genesis。DCG最初的子弹并没有起到作用。他们剩下的子弹可能是空白的。
3. Grayscale起诉美国证券交易委员会并赢得ETF批准,或者美国证券交易委员会同意并批准。
对Grayscale来说,对SEC的诉讼似乎是可能的。Grayscale已经为这场斗争聘请了可靠的参与者,并表明他们已经准备好了战斗。即使在最乐观的情况下,胜利也可能要等到美国证券交易委员会主席加里-詹斯勒的统治结束。至少再过三年。
有趣的是,美国证券交易委员会阻止Grayscale的可能性为零,因为他们不想奖励他们认为是历史上的不良行为。
这就是3AC破产的原因,这也是为什么我认为期望美国证券交易委员会批准灰度产品作为ETF是荒谬的。
还记得我上面暗示的 “灰度交易 “吗?它是这样运作的。
◉ 一个经认可的投资者向Genesis发送比特币,Genesis作为Grayscale的 “授权参与者”,以比特币的公平市场价格促进比特币信托的新股份创建。新的投资者得到GBTC的股份,但有六个月的持有期。新投资者的比特币进入Grayscale信托。
◉ 六个月后,投资者可以通过一个叫做144规则的漏洞在场外市场出售他们的股票。多年来的希望和规范是,投资者能够在场外市场上以溢价翻转股份。在该基金的大部分时间里,GBTC的价格高于相关信托的每股净资产价值,直到2021年初。
◉ 如果你是一个堕落的人,就用杠杆来抨击这种交易,不顾一切地放弃,并故意视而不见,认为GBTC的股价可能会以对净资产值的*折扣来交易。
◉ 观察这个堕落的交易,在2020年3月的低点和2021年初之间,比特币的价格会有1000%的涨幅。新的、高杠杆的投资者蜂拥而至,敲打交易,直到溢价变窄。Grayscale和Genesis有动力在火上浇油,帮助促进交易,因为这让他们赚了一大笔钱,而且他们知道信托资产一旦产生就不能被赎回。(我把灰度交易称为原始的 “收益农场”)。
◉ 溢价在2021年2月翻转为折价。杠杆交易员们在健身房的短裤上拉屎。没有人知道如何解除他们的杠杆头寸,只剩下薛定谔的比特币抵押品:如果你看一下GBTC的股票,这个头寸和它的借款人都死了。如果你看一下信托中的资产,这个头寸和它的借款人都很好。他们只是有一个时间长短不确定的期限问题(将是几个月还是几年才能使股价达到净资产?)
这就给我们带来了 “呃哦 “的时刻。
糟糕的灰度交易是3AC迈向破产的第一步。3AC拥有GBTC的一大块杠杆–一度达到信托的6%。该公司似乎一直持有其中的大部分,直到两周前的崩溃,我们知道这是因为据称他们试图用这些头寸作为抵押品骗取人们的最后一搏。
鉴于GBTC的折价不断扩大,他们怎么没有早点被清算?
好吧,Genesis除了是Grayscale的授权参与者之外,也是一个贷款人。他们帮助3AC创建新的GBTC股份,并向他们提供信贷,这可能使3AC能够以杠杆方式进行这一交易。(确切的关系没有公开,但根据内部消息来源,情况肯定是这样的)。这种杠杆作用可能包括安排3AC将其新创建的一些GBTC股份*作为更多GBTC创建的抵押品*。
怎么会呢?
假设这是真的,这种安排只有在你的贷款人有独特的动机来承销这些贷款(灰度公司的姐妹公司,他们从AUM果汁中获胜),并且因为他们知道水下借款人的股份的相关现货抵押品生活在姐妹公司的信托中,这是在共同的公司所有权下。
右边的口袋。左边的口袋。DCG的口袋。
除非3AC因*其他不良合成交易*而破产,当然,这正是发生的情况。他们围绕GBTC进行结构不良的交易,然后是LUNA,最后是押注ETH。
3AC的破产和待定的清算不是灰度或创世的问题本身(除了创世据传从其3AC贷款协议中获得的资本损失)。
他们有足够的营运资金来吸收他们和他们的母公司DCG之间的损失。
但是,如果你的异国黑匣子交易在整个加密货币中引发了相当于长期资本管理的传染时刻,并在几周内帮助解决了多个十亿或百亿美元的贷款人(BlockFi直接接触GBTC和3AC;Celsius和Voyager似乎至少是其他两个与3AC关系密切的主要贷款人),监管机构将有一些问题。
这些破产诉讼将需要数年的时间来进行。律师们会赚钱的。灰度公司将夹带其每年4亿美元。美国证券交易委员会将指出历史,并说。”起诉我们吧,我们不会让像你们这样的人进入我们的国家交易所。”詹斯勒对他在华盛顿的一些进步盟友来说会显得很好。
这很糟糕,但观念就是现实,而且说实话,这不仅仅是一个观念问题。杠杆化的Grayscale-Genesis-3AC交易发生时,DCG提供了坚固的资产负债表支持,而血腥的解套正在我们眼前的全球舞台上发生。
4. 股东起诉Grayscale并解散信托,以净值获得比特币。
假设,Grayscale的股东可以寻求诉讼资格来解散信托。这不会发生,有三个原因。
- 根据Grayscale认购文件中关于这个问题的严格规定,不清楚他们是否有资格提起诉讼。该公司多年来实际上修改了文件,以加强他们对信托的控制,确保股东几乎不可能推动解散。
- 如果他们确实有资格起诉,并能争取到推动解散所需的超级多数股份,我听说诉讼仍然不太可能,因为任何原告的股份在诉讼期间都会被锁定。没有人会为了30%的收益而承担无限期的非流动性风险或承担法律费用。
- 很难说灰度公司不是在努力支持信托,履行对投资者的义务。看看上面采取的所有步骤:他们有一个Reg M计划,并因此被打了一巴掌;他们授权了一个巨大的股票回购计划,以稳固GBTC的价格;他们在美国证券交易委员会批准一个基于期货的比特币ETF的第二天,申请了一个现货ETF转换;他们在支持产品的营销活动上花费了数千万美元;他们准备在被拒绝后起诉美国证券交易委员会。
没有法院会看这些努力,并裁定灰度公司没有为投资者的最佳利益行事。(我发现一个巧合,当 “解散 “的讨论在周末开始时,Grayscale首席执行官Michael Sonnenshein发布了一份投资者说明,回顾了他们迄今为止所有的善意努力)。
因此,除非巴里决定通过慢慢地把信托基金拿出来,否则不会解散私下出售
在接下来的20年里,通过收费和股票回购,或 “美国联邦或州监管机构要求信托公司关闭,或迫使信托公司清算其比特币,或查封、扣押或以其他方式限制访问信托资产”(来自Grayscale的披露表)。即使你怀疑Grayscale起诉美国证券交易委员会的决心,你也不应该怀疑他们*捍卫*自己存在的意愿。
所以选项1-4不会关闭GBTC的折扣。我们已经没有选择了。但是…
5. 股东可能会直接向美国证券交易委员会提出上诉,要求获得允许他们赎回股票的Reg M豁免。
美国证券交易委员会的领导层宁愿吃玻璃也不会批准一个现货比特币ETF,特别是其结构和错综复杂的关联方交易和不良抵押品刚刚助长了影子银行/加密货币贷款的传染。Gensler会想惩罚而不是奖励Grayscale的聪明才智。不过,如果他和工作人员真的关心投资者保护和公平市场,他们会考虑为Grayscale提供Reg M豁免,允许他们处理赎回。
这将有助于投资者挽回损失,使GBTC不在纽约证券交易所上市,并使Grayscale在重要的地方受到伤害(因资产管理量减少而收入降低)。资产绝对会从信托中涌出,直到GBTC的折价与资产净值完全关闭。灰度信托理论上可以解套至零。
正如我们上面所概述的,*灰度*永远不会*要求这样做。
不过,股东们也许可以采取另一个也许是史无前例的、但符合常识的步骤,首先是对逻辑的呼吁。
“亲爱的SEC。Grayscale拥有我所有的比特币。我想要回它。他们大肆宣传他们的计划是关闭GBTC的折扣并获得ETF的批准,但是你们不允许,而且似乎也不愿意很快允许。看起来有一些奇怪的后台事情在进行,我们不知道的杠杆。因此,我们,受影响的股东,觉得我们没有被充分告知这个游戏的风险,现在我们的资本减值达到了数十亿美元,我们希望你能帮助我们。我们希望你们就Grayscale根据Reg M为其比特币信托运行赎回计划的能力发出一封不采取行动的信函。”
类似这样的信,但由律师来写,可能会有效果。
会有一些细节需要解决。会有关于法律地位的问题,以及美国证券交易委员会甚至可以对谁做出回应。但是,这将对Grayscale产生公众压力,使其重新参与Reg M的选择,这将导致对SEC更广泛的政策压力,使其为美国投资者的利益而行动,这些投资者目前正陷于唯一两个实体在长期冲突中获胜的争吵之中。
在过去的18个月里,灰度和Gensler已经赢了,而投资者却输了。Reg M救济可能是扭转这种有毒交易的举措。有可能是永久的。
脚注
1. 以下是灰度公司的直接披露语言,供感兴趣的人参考(脚注)。
“从2014年10月28日开始,信托公司暂停了其赎回计划,在该计划中,股东可以通过当时唯一的授权参与者Genesis要求赎回他们的股票,因为担心赎回计划违反了交易法下的M条例,结果与证券交易委员会(”SEC”)达成了和解。目前,该信托基金没有运作赎回计划,也不接受赎回请求。在收到监管部门的批准和保荐人自行决定的批准后,本信托基金可能在未来运作一个赎回计划。
2021年10月19日,纽约证券交易所Arca公司(”NYSE Arca”)根据《交易法》第19b-4条向美国证券交易委员会提出申请,将本信托基金的股票在纽约证券交易所Arca上市。截至本季报发布之日,NYSE Arca的19b-4申请尚未得到美国证券交易委员会的批准,本信托基金也没有根据M条例向美国证券交易委员会寻求救济,以运作一个持续的赎回计划,保荐人和本信托基金都没有对是否或何时获得这种批准和救济做出任何陈述。”
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