Credit/Macro/Crypto Analyst, Former Credit/MA PM

Rose Choy

I have 20 years experience in credit and global macro both sell side (banking and trading) and buy side. Most recently managed multi asset and fixed income strategies. Crypto is my latest focus given huge inefficiencies and lack of quality research and insight. My crypto research will be through a trad-fi lens but with intimate knowledge in the crypto trading ecosystem.

No Worry, DCG, Genesis, and Grayscale Won’t Cause Another Crash in the Crypto Market

Crypto Lending Series #3: Light at the End of the Tunnel?

#40 The Contagion Vectors of the FTX debacle

FTT/FTX- Another Inflection Point in the Crypto Market Waiting to Happen?

Crypto

<ul>
<li>Recent concerns on Genesis’ solvency arose after the broker/dealer halted redemptions on its lending unit and was reportedly looking to raise $1 billion of loans from investors.</li>
<li>Contagion fears have extended to Genesis’ parent company, DCG, and its wholly owned Grayscale subsidiary, which has a steady fee generating business via its Bitcoin and ETH trust products.</li>
<li>We analyze the potential arbitrage opportunity for the controversial GBTC convergence trade with its 42.7% discount to NAV.</li>
</ul>


Recent concerns on Genesis’ solvency arose after the broker/dealer halted redemptions on its lending unit and was reportedly looking to raise $1 billion of loans from investors.
Contagion fears have extended to Genesis’ parent company, DCG, and its wholly owned Grayscale subsidiary, which has a steady fee generating business via its Bitcoin and ETH trust products.
We analyze the potential arbitrage opportunity for the controversial GBTC convergence trade with its 42.7% discount to NAV.


An Arbitrage Opportunity? Evaluating the GBTC Convergence Trade