Short Seller Says Naive Bitcoin Traders Open a Pathway to Profit
- Bitcoin Investment Trust trades well above the bitcoin it owns
- Left recommends shorting the trust, buying bitcoin futures
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As newly launched derivatives contracts draw pros into the bitcoin market, a short seller still sees a massive inefficiency -- and a chance to profit off naïve traders.
The Bitcoin Investment Trust, a publicly traded vehicle whose bitcoin holdings are worth $1,601 a share, nonetheless trades at a price more than double that amount, according to data compiled by Bloomberg.