The Prime Execution Agent an facilitate Shorting
https://twitter.com/TylerDurden/status/1790941726544478602/photo/1
The transfers of bitcoin from the Trust’s Trading Balance to the Bitcoin Trading Counterparty’s account at the Prime Execution Agent
or to the Prime Execution Agent is an “off-chain” transaction that is recorded in the books and records of the Prime Execution Agent.
!!!!! T H I S !!!!!
iShares® Bitcoin Trust
Filed pursuant to Rule 424(b)(3)
Registration No. 333-272680
424B3 1 bit20240109_424b3.htm FORM 424B3 — Wayback Machine
https://www.sec.gov/Archives/edgar/data/1980994/000143774924001125/bit20240109_424b3.htm
The Trust’s Trading Balance with the Prime Execution Agent may not be funded with bitcoin on trade date for the sale of bitcoin in connection with the redemption order, when bitcoin remains in the Trust’s Vault Balance with the Bitcoin Custodian at the point of intended execution of a sale of bitcoin. In those circumstances the Trust may borrow Trade Credits in the form of bitcoin from the Trade Credit Lender, which allows the Trust to sell bitcoin through the Prime Execution Agent on trade date, and the cash proceeds are deposited in the Trust’s Trading Balance with the Prime Execution Agent. For settlement of a redemption where Trade Credits were utilized, the Trust delivers cash to the Authorized Participant in exchange for Shares received from the Authorized Participant. In the event Trade Credits were used, the Trust will use the bitcoin moved from the Trust’s Vault Balance with the Bitcoin Custodian to the Trading Balance with the Prime Execution Agent to repay the Trade Credits borrowed from the Trade Credit Lender.
THIS MEANS
Blackrock can take as much Bitcoin as they want from Coinbase and the transaction is recorded off chain.
I’d like to see the all of the ETF’s wallets. Thanks Brian you massive cunt.
-This means they can borrow Bitcoin from Coinbase to short and are not required to show any proof they hold 1:1.
-There’s also a 2-30 day settlement.
All settlements are done in cash. The writings on the wall, unless someone can find the ETFs wallets on chain.
There’s a leaked trade a few weeks ago, someone a very large entity pinged BTC and MicroStrategy at the same time.
Isn’t this exactly the same problem why GME got squeezed? Firms Borrowing shares and over leveraging them in a huge basket with other third parties ? Or am I wrong?
Yeah naked short selling is illegal but not tracked so they all do it.
100bil up can afford 5bil hair cut.
Bitcoin Transfers:
When the trust moves Bitcoin to another account for trading purposes, this move isn’t recorded on the Bitcoin blockchain (off-chain). Instead, it’s noted in the financial records of the Prime Execution Agent, who helps with the trading.A third party.
“Hidden from Normies” = “Do whatever we want and get away with it” card