8/27/25 - $obtc - BTC under $100kOBTC/0.000324OTC:OBTC/0.000324VROCKSTAR8/27/25 :: VROCKSTAR :: OBTC BTC under $100k - at $31.75 as of this writing, you're buying BTC at $98k, which is about a 12.5% discount to spot. Upside to parity is ~15%. - Osprey has republished their S-1 at the beginning of the month - Conversion in the next several months - Liquidity deep enough in IBIT to either hedge out this spread entirely (and capture the 15% for a few months) or my preference is to use ITM IBIT puts in order to incorporate some optionality into the equation (about 5% buys you full protection, I'm opting for about 50% coverage at 2.5%). - The optionality allowed me to weather the recent draw down, closed the puts and went naked for a day and a half - But seeing BTC put in a bit of a floor here and recover, I've started to re-accumulate OBTC and re-incorporate some fresh hedges too. - back to about a 60% position for me (30% net) and i'm considering taking back toward 70%. it's the last best closed end trade in this ecosystem before the gains become harder. - "V why the discount". Easy. Small cap (nobody knows it). Low liquidity (can't get in and out, hence the hedge/ flexibility). Mistrust (they fumbled this before, but now have it under control). Nothing's a slam dunk in the world of risk, but there are interesting ways to monetize this that aren't available in other pockets of the mkt. Enjoy. V