Grayscale Bitcoin Cash Trust (BCHG)
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BCHG: NAV Rate Premium Full Circle
Grayscale Bitcoin Cash Trust is now trading at less than a 6% premium to NAV, down from a 43% premium in January. Historically, I've advised buying Bitcoin Cash directly rather than paying high premiums for BCHG. Though we're now 12 months from the start of private placements, BCHG lockup expiration is far from over. I suspect we could even see a return to NAV discount.
BCHG: Grayscale Bitcoin Cash Trust, Five More Months Until Unlocks Begin
I previously called BCHG overvalued, but it has outperformed BCH and the S&P since then, despite my incorrect predictions. BCHG's NAV premium remains high at over 100%, making it akin to paying $2 for $1, which I find unjustified. Grayscale's private placements have increased BCHG shares by 23% YTD, with restricted shares unlocking in February 2025, potentially normalizing the premium.
