Manages the Grayscale Bitcoin Covered Call ETF (BTCC). Primarily designs the ETF to deliver consistent cash flow to investors. Now — the numbers.
An investor who bought at the very peak is down 64% today. The business is the same; what changed most is the price — and the expectations — the market pins on it.
It pays out $9.62 per share each year — regular cash for whoever holds the stock.
Since the drop from its peak, buyer appetite hasn’t come back.
We grade companies — revenue, margins, balance sheets. This is a fund, so there is no report card to give. That is not a low grade; it is a different kind of thing.
One-line summary: a basket, not a business. Judge it by what it holds.