Also, presumably Grayscale/DCG has a lot of ETHE they’d like to be able to sell at par.
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Re: why Grayscale would pursue the ETH etf. If Grayscale lowers the fee by 50 bps (same decrease as GBTC), it only needs ETH price to increase by 25% to be making the same revenue. BTC is already up >25% from post ETF lows. (1/2)
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Thank you for writing this @packy https://www.notboring.co/p/framing-the-future-of-the-internet
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