8/14/24 - $gdlc - by far my largest position 35% off BTC and ETH
- adding back today about 45% size (was 35% a week ago for perspective)
- 35% discount to NAV and 90% of the assets are BTC and ETH (mostly BTC)
- the way i xls it out, you get btc at 42k, eth at 1.6k, sol at 74, xrp at 17c and avax at 6 (that's what you're paying at sub $20 today)
- can always go lower, but you're buying yourself a nice margin of safety here on the underlying assets
- if you are considering adding btc exposure (thru etf's) and the idea is a long term hold, i can't think of any other reason why not to make this part of that exposure.
- downside i think is low to mid teens on this $20 value today, so you could still see 30-40% drawdown in bad case scenario (btc implied w/b probably mid 20s at that point on my math)
- the way i think about btc is that as long as you're not down >50% in the second half of a bull cycle, you're incentivized to get long at strategic times. this is one of those w/ the right vehicle i believe
V
- 35% discount to NAV and 90% of the assets are BTC and ETH (mostly BTC)
- the way i xls it out, you get btc at 42k, eth at 1.6k, sol at 74, xrp at 17c and avax at 6 (that's what you're paying at sub $20 today)
- can always go lower, but you're buying yourself a nice margin of safety here on the underlying assets
- if you are considering adding btc exposure (thru etf's) and the idea is a long term hold, i can't think of any other reason why not to make this part of that exposure.
- downside i think is low to mid teens on this $20 value today, so you could still see 30-40% drawdown in bad case scenario (btc implied w/b probably mid 20s at that point on my math)
- the way i think about btc is that as long as you're not down >50% in the second half of a bull cycle, you're incentivized to get long at strategic times. this is one of those w/ the right vehicle i believe
V
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