BlackRock da Grayscale: Shari'ar Da Ta Bude Kofar Wall Street Ga Bitcoin

A duk lokacin da dorinar ruwa biyu masu datti da girma suka yi fada, dukkan savannar na sane da hakan. Ruwa na gaba-gaba, kananan halittu na rarrafe su tsere, yayin da wata kaddararriyar halitta da ta zo kusa don kallon wannan abin al'ajabi ke samun kanta a tattake har lahira saboda batun kare martabar yanki. Wannan shi ne yanayin fargaba da fushin da wasan kwaikwayon Grayscale/BlackRock ke gudana a cikinsa.

A gefe guda akwai Grayscale, wani katafaren kwaro mai asali daga duniyar crypto, ba banki ba ko titan na asali na ETF, kuma ba wani sabon kamfanin farawa maras karfi ba. Yana da fifikon kirkirar asalin hanyar zuba jari ta cibiyoyi don samun damar Bitcoin a Amurka, wato Grayscale Bitcoin Trust (GBTC). Shekaru da dama ya mallaki kasuwar wannan kayan gaba daya, kuma ya ci gajiyar wannan iko, ta hanyar tabbatar da samun abokan ciniki masu karfi ko da yake na musamman ne. Asarar Grayscale kuma an riga an bayyana ta, domin tsarin GBTC – duk da cewa ya samar da madadin cibiyoyi ga adana crypto kai tsaye – bai bayar da damar fansar kudi nan take ba don haka akai-akai ana cinikinsa a kan farashi mai babban kari (premium) ko ragi (discount) idan aka kwatanta da NAV, dangane da yadda bukata da wadatar kasuwa da kuma kyakkyawan tsammanin Bitcoin gaba daya suke. Ta haka Grayscale ya fito daga zoben dambe yana rike da bel din zakara amma da karyayyen hanci da kuncin da aka lakada wa duka, yayin da masu taimaka masa ke ta ihu suna gayawa alkalan wasa labarin tsofaffin kwanaki.

Dayan bangaren kuma na BlackRock ne, amsar Wall Street ga kalubalen crypto. BlackRock ba ya bukatar crypto domin ya zama mai muhimmanci – ya riga ya zama haka. Alamar kamfanin ta iShares, karfin rarrabawa ga cibiyoyi, hulda da masu ba da shawara, model portfolios, kudi, kayan aikin kula da kasada, da shaharar suna sun ba shi makamai da kayan yaki marasa misaltuwa don shiga fagen daga. Matsayin nasara na BlackRock an bayyana shi ta hanyar rashin makawa: yana da albarkatu, suna, kuma mafi mahimmanci, lokacin da ya dace don hawa layin da zarar wannan rukunin kadarorin ya daina zama wani abu na gefe. Asararsa an auna ta ne a dogon layin yanayin crypto na asali da kuma zarge-zargen jinkirta ka'idoji daga al'ummar crypto. Duk dorinar ruwan biyu masu datti ne, kuma babu wanda yake da tsarki. Grayscale yana son canza dokoki ne saboda ba ya son rasa kadarori da kudaden shiga, yayin da BlackRock ke son mamaye fannin ETF a madadin adana kadarorin cibiyoyi.

A wani wuri a gefen savannar, akwai Jeff. Jeff ba wawa ba ne. Ya san abin da yake yi. Yana sauraron podcasts, yana karanta 10-K, yana kallon ragin GBTC idan aka kwatanta da NAV, kuma yana mai da hankali kan shari'ar. Yana magana da dillalinsa kuma yana daukar kansa a matsayin wanda ya fara shiga da wuri, mai hangen nesa, wanda ke amfani da asusun dillancinsa ba a matsayin kayan aiki kawai ba amma a matsayin wata alama ta daban. Jeff ya san cewa a baya ana cinikin GBTC a kan kari (premium) – yana ma iya tunanin ya sami riba daga dogon lokacin options da ya saya a lokacin da ragin ya fi kowane lokaci yawa. Ya san cewa amincewa da Bitcoin ETF zai sa crypto ya zama ingantacciyar kadara, farashin zai tashi, kuma zai sami kudi. Amma shi ba dan kasuwar yau da kullum (trader) ba ne – Jeff saye yake yi ya ajiye (buys and holds). Yana sayen options idan yana jin kamar mai adawa da ra'ayin kowa amma galibi yana sayen Bitcoin ne idan zai sayi kowane abu – kuma a koda yaushe yana lura da kananan rubutun dokoki. Jeff yana sayen GBTC idan zai sayi Bitcoin saboda yana jin ya fi aminci – har sai lokacin da farashin ya fadi, kuma yana bukatar kariya (hedge). Jeff bai yi kuskure ba game da kowane daya daga cikin wadannan abubuwa, kuma zai yi babban, babban kuskure game da su duka.

Dalilin Da Ya Sa Dole Dorinar Ruwan Su Yi Fada

Dalilin da ya sa dole ne dorinar ruwan biyu su yi fada za a iya fahimtarsa idan muka koma baya zuwa shekarar 2013, lokacin da Grayscale ya kaddamar da GBTC. Kayan aikin ya kasance mai sabon salo, akalla idan aka duba ta mahangar yau – masu zuba jari da aka amince da su za su sayi hannayen jari kai tsaye daga kamfanin a musayar kudin rajista, inda hannayen jarin ke zama masu yiwuwa a sayar a bainar jama'a a kan OTCQX bayan wasu watanni da rajista. Shekaru da dama, an yi cinikin hannayen jarin GBTC a kan karin kashi 30-40% idan aka kwatanta da darajar Bitcoin da ke karkashinsu. Wannan ya haifar da damammaki na arbitrage – masu zuba jari na sayen hannayen jari kai tsaye daga Grayscale a NAV, suna jiran lokacin kullewa ya cika, sannan su sayar da hannayen jarin a kan babban kari. An saukake wannan arbitrage din ne saboda bukatar cibiyoyi na son samun damar shiga crypto, wanda ba za a iya gamsar da shi ta wata hanya daban ba.

Asusun amintaccen (trust), a wancan lokacin, shi ne hanya mafi sauki don sayen Bitcoin, saboda yana samuwa a kan kowace kafar dillanci da ta zabi sanya shi a jerinta. Za a iya ajiye shi a wasu asusun ritaya, ciki har da 401ks, kuma ya yi aiki a matsayin madadin adana kai tsaye ga manyan kungiyoyi da cibiyoyi. Bukatar tana nan, kuma ita ta haifar da karin farashin – yadda bukatar ta fi girma, haka kamfanin ya zama dole ya fitar da karin hannayen jari fiye da adadin da aka kulle a rajistar farko. Arbitrage din ya kasance mai sauki, kuma Grayscale ba shi da matsala wajen saukake karin wadata, kasancewar kamfanin na samun riba daga wannan bukata.

Lamarin ya koma baya da kafa a farkon shekarar 2021, lokacin da yanayin ya canza, kuma karin farashin hannayen jarin ya koma wani gagarumin ragi (discount) mai kama da shi. Bukatar ta bace, hannayen jari suka canza masu mallaka a kan farashi mai rahusa sosai fiye da darajar ainihin Bitcoin din da ke karkashinsu, kuma wadanda ke sayen hannayen jarin a yanzu ba za su iya amfani da arbitrage don samun karin riba ba. Wannan ragi ya ci gaba da wanzuwa, wanda matsalolin kasuwar ba da lamunin crypto, rashin kudin biyan bashi na masu ba da lamuni na crypto, da kuma rashin iya yin shorting na Bitcoin don rufe arbitrage din suka kara dagula shi. Ya bukaci wani mummunan tashin hankali a kasuwa, wanda ya cutar da kowa don a rufe wannan ragi – na farko, yayin da darajar Grayscale Bitcoin Trust ta fadi, amma kuma yayin da masana'antar leverage ta crypto ta durkushe ta yi fatara.

Dalili mafi bayyane da ya sa Grayscale ya kai karar SEC kuma ya yi fada da haramcin spot ETF shi ne rayuwar Grayscale da kansa. Idan GBTC ya koma spot ETF, tsarin halitta/fansar kudi (creation/redemption) zai rufe ragin kuma zai ba dukkan masu hannun jari na yanzu damar fita a kusan daidai darajar Bitcoin. Hakan zai kuma taimaka wa Grayscale ya rike rabonsa na kasuwar cibiyoyi yayin da yake karbar karamin kashi a matsayin kudin sabis na kowane cinikin ETF. Zai kare martabarsa a matsayin mai asalin adana crypto kuma ya ci gaba da jurar asarar kudi a hankali da hakuri da fatan samun canjin tsari da sauyin kasuwa. Dalili mafi dacewa na shari'ar ba shi da bambanci da kowane dalili a duniyar crypto – gefe daya yana cin nasara, daya kuma yana yin asara. Kuma a lokacin da kowa ke asara, wanda ya fi kara, wato Grayscale, yana da kuduri da albarkatun samun nasara.

Dalilin da ya sa fadan ya zama dole za a iya fahimtarsa ta hanyar nazarin korafin da SEC ya yi game da bukatar canza Grayscale Bitcoin Trust zuwa spot ETF. Dalilin adawar SEC ga kowane Bitcoin ETF, ciki har da na Grayscale, a koda yaushe daya ne – hukumar na da damuwa game da magudin kasuwa (market manipulation) da kuma ikon da musayar kudi ke da shi na sarrafa masu yin magudi. Dalilin da SEC ta bayyana na rashin amincewa da kowane spot Bitcoin ETF shi ne imaninsu cewa "shirin sanya hannun jarin da aka gabatar ba zai sami kyakkyawar alakar raba bayanan sa ido tare da kasuwar da ke karkashin tsari mai isasshen girma da kewayon aiki ba." Wannan duk da cewa SEC ta amince da Bitcoin futures ETFs da dama, wadanda ke bin diddigin farashin Bitcoin ta hanyar kwangilar futures a CME.

Dalili mafi sauki na kin amincewar Grayscale da wannan hujja shi ne cewa farashin Bitcoin futures a aikace farashin spot ne na Bitcoin, kuma masu kula da dokoki ba su da matsala da kayayyakin Bitcoin futures, wadanda suka fi rikitarwa da sauye-sauyen farashi fiye da spot ETFs. Dalili mafi karfi na kin amincewar Grayscale shi ne ikon Grayscale na ci gaba da rayuwa – yayin da kamfanin ke ci gaba da asarar kudi a kan asusun amintaccen, haka masu zuba jari ke raguwa wajen son rike hannayen jarin kamfanin saboda tsoron rage darajar hannayen jari (dilution), takunkumin fansar kudi, da yiwuwar kullewa. Grayscale na bukatar amincewar ne domin hana asusun amintaccen rushewa a karkashin nauyin basussukan da ke kansa.

An shigar da karar ne a ranar 29 ga Yuni, 2022, a Kotun Daukaka Kara ta D.C. Circuit ta hanyar tawagar lauyoyin kamfanin, wadanda tun daga lokacin suka tara kwararrun lauyoyi abin dogaro ko da ba na ban mamaki ba, ciki har da tsohon babban lauyan gwamnati (solicitor general) Donald Verrilli. Dabarar shari'ar a bayyane take – amfani da takardar neman bita a matsayin wata dama ta matsa wa SEC lamba don amincewa da spot Bitcoin ETF, wanda hukumar za ta zama dole ta yi idan kotu ta ga dalilansu a hukuncin Yuni 2022 ba shi da ma'ana.

Ga Grayscale, shari'ar na da fa'idodi da yawa, wadanda takardun da kamfanin ya shigar a ranar 8 ga Yuli suka bayyana karara. Na farko, ta samar da damar ci gaba da matsa wa masu tsara dokoki lamba a fagen jama'a, wanda ke taimakawa wajen gina ra'ayin jama'a da kuma matsa wa hukumar lamba kai tsaye. Na biyu, hukuncin kotu na rashin adalci ko son rai (idan har ya zo) zai saukake rufe ragin, tare da taimaka wa kamfanin da masu hannun jarinsa baki daya. Kuma, a faffadan yanayi, Grayscale ya so tabbatar da matsayinsa na mai kare crypto na asali, wanda zai sanya kamfanin a matsayi mafi kyau don ci gaba da kokarinsa a kotu da fagen siyasa. Yayin da Grayscale ya kai karar SEC, masu hannun jarinsa har yanzu suna cikin wani mawuyacin hali na biyan farashi mai tsada sosai don samun damar shiga Bitcoin. A mafi kyawun yanayi ga kamfanin, ragin zai bace gaba daya, ta yadda za a kawar da daya daga cikin manyan hanyoyin korafin masu hannun jari.

Ga SEC, dalilan matakin na Yuni 2022 sun yi kama da wadanda suka haifar da adawar Grayscale a kansa – hukumar ta kasance a matsayin da ya zama dole ta zabi tsakanin amincewa da cewa halayenta na baya ba su da ma'ana ko kuma suna cutar da kasuwanni ta hanyar kokarin ci gaba da hana Bitcoin spot ETF. Dalili mafi bayyane na shawarar SEC shi ne damuwar hukumar game da raunin kasuwar Bitcoin ga magudin kasuwa. Ta hanyar kin amincewa da kowane spot Bitcoin ETF, SEC ta yi fatan kiyaye faffadan kasuwannin Bitcoin – ciki har da Bitcoin futures da kayayyakin ciniki masu leverage – daga shiga hannun talakawan masu zuba jari (Main Street investors). Hukumar ta so ta guji bayyana a matsayin wadda ta gaza wajen sauke nauyin da ya rataya a wuyanta na kare jama'a masu zuba jari ta hanyar barin masu magudi su sarrafa ta.

Sai kuma, wata rana, BlackRock ya shigo cikin kogin.

Wannan ya yi matukar muhimmanci, saboda ya canza yanayin da ke dakin tattaunawar. Kafin wannan lokacin, aikace-aikacen neman spot Bitcoin ETF daga irin su BlackRock har yanzu suna sauti ga mutane da yawa na waje kamar kamfanonin crypto ne ke rokon SEC ta canza ra'ayinta. Ta hanyar kawo bukatar daga BlackRock, daya daga cikin sunaye da suka fi kafuwa sosai a masana'antar sarrafa kadarori, ya zama kamar dukkan masana'antar ta amince da ra'ayin cewa wannan kadara ta musamman ta cancanci a tattara ta a tsara ta domin talakan mai zuba jari. Karar ba ta warware komai ba, tabbas, amma ta sa ya yi wuya sosai ga SEC ta ce a'a.

Jeff ya dauki wannan a matsayin wata alama ta fara tunani mai zurfi. Tare da Grayscale a kotu, BlackRock a bakin kofa, ragin yana bacewa, kuma kowane mai gabatar da podcast a kasar yana sauti mai basira fiye da kowane lokaci, ya sayi asusun amintaccen saboda ragin, ya sayi Bitcoin saboda farfagandar, kuma ya sayi wasu options saboda mutum ba zai iya jin kalmar "asymmetric opportunity" sau da dama ba kafin ya fara yin wani abu maras ma'ana. Sannan kuma, tabbas, hukuncin kotu ya dauki dukkan hasashe ya dora masa hatimin amincewa na hukuma.

Amincewar kotu ga bukatar Grayscale ta shiga tsakani, sukar da ta yi wa dogaro da SEC ta yi a kan zargin magudin kasuwa a matsayin babban jigon shawararta, da kuma dukkan tsarin kalmomin ra'ayin kotun duk sun nuna cewa Kotun ta yi imanin cewa SEC ta nuna "son rai da rashin ma'ana" a cikin shawarar da ta yanke na kin amincewa da rajistar Grayscale Bitcoin Trust. Ra'ayin Kotun bai amince a hukumance da spot Bitcoin ETF ba, domin wannan alhakin har yanzu yana hannun SEC ne, amma a cikin gajeren lokaci, ya cire daya daga cikin shingen da ke hana kaddamar da wadannan kayayyakin, wato ikon SEC na kin amincewa da su a kan hujjojin damuwa game da magudin kasuwa.

Ga Grayscale, wannan wata nasara ce a yakin da ya dade yana yi da SEC na shekaru da dama, wanda kamfanin bai bata lokaci ba wajen cin gajiyarsa, inda ya shigar da sanarwar daukaka kara ga dukkan Kotun D.C. Circuit. A wannan tafarki, nasarar ta kasance mai amfani ga BlackRock, wanda a yanzu yake da karancin cikas wajen shiga fagen. A zahiri, ra'ayin Kotun ya bai wa kamfanonin biyu damar ci gaba da tsare-tsarensu na kaddamar da spot Bitcoin ETFs ba tare da katsalandan din SEC ba.

Kuma a haka, a ranar 10 ga Janairu, 2024, SEC ta amince da kayayyakin musayar hannayen jari na spot Bitcoin guda goma sha daya a cikin wani babban umarni na gaba daya – umarnin ya hada da amincewa da bukatar canza GBTC na Grayscale, IBIT na BlackRock, da kuma bukatar Fidelity, da sauran su – ciki har da ARKB na Ark, wanda hannayen jarinsa suka fadi sosai a 'yan watannin nan. Shugaban Gensler ya bayyana cewa Hukumar ta amince da aikace-aikacen amma ba ta amince da Bitcoin a matsayin wani abu da take goyon baya ba.

Ga Grayscale, hukuncin karshe ya kasance nasara mai kama da faduwa (Pyrrhic victory), yayin da kamfanin a yanzu dole ne ya fuskanci gaskiyar cewa ko da yake SEC ta amince da canza Grayscale Bitcoin Trust zuwa spot ETF, sabon tsarin canjinsa ba shi da wani babban bambanci da tayin BlackRock, in ban da kudin sabis da suka fi yawa – 1.5%, idan aka kwatanta da 0.25% a IBIT. A zahiri, ikon Grayscale na rike ikon mallakar rabin kasuwar adana Bitcoin ta cibiyoyi yana cikin shakku a yanzu, domin hannayen jarin kamfanin ba da jimawa ba za su daina zama hanyar da aka fi so don samun damar Bitcoin ga cibiyoyi. Babban dukan karshe ga kamfanin shi ne dogon lokacin options da masu hannun jarinsa suka saya, wadanda da alama za su kare a banza ba tare da wata daraja ba nan gaba kadan.

Ga BlackRock, hukuncin karshe na SEC wata shaida ce da ke nuna cewa sun zabi gefen da ya dace a rikicin kuma dama ce ta cin gajiyar hakan – tsarin adana kadarorin cibiyoyi na kamfanin ya fi na Grayscale gasa sosai, kuma amincewar karshe ta SEC ga spot Bitcoin ETFs za ta ba kamfanin gagarumar guguwar ci gaba a kokarinsa na karbe kaso mai ma'ana na kasuwar adana Bitcoin ta cibiyoyi. Ga SEC, hukuncin karshe wani abu ne mai gaurayen sakamako – a gefe guda, amincewa da aikace-aikacen Bitcoin spot ETF guda goma sha daya ya tabbatar da cewa Hukumar na ci gaba da sauke nauyin da ke kanta na kare jama'a masu zuba jari, duk da cewa ta ci gaba da adawa da gabatar da su a mafi yawan shekarar da ta gabata. Cinikin sabbin hannayen jarin Bitcoin spot ETF da aka amince da su ya fara ne a ranar 11 ga Janairu, 2024 – hannayen jarin Grayscale Bitcoin Trust sun fara mulkinsu a matsayin ETF na adana Bitcoin na cibiyoyi, IBIT na BlackRock ya fara bayyana a Nasdaq, kuma FBTC na Fidelity – a NYSE. Kasuwanni sun yi maraba da labarin, kuma masu zuba jari na cibiyoyi ne suka fara cin gajiyar damar, suna sayen sabbin hannayen jarin da aka samu.

A yanzu babban lissafin da aka dade ana jira ya fara – kuma ba shi da dadi ko kadan ga Grayscale kamar yadda kamfanin ya zata.

Musamman ma, Grayscale a yanzu ya zama dole ya fuskanci gaskiyar cewa kasuwa ta yi magana, kuma masu zuba jari na cibiyoyi suna son IBIT na BlackRock ne, ba GBTC na Grayscale ba. Hannayen jarin kamfanin a yanzu sun fi na abokin karawarsa tsada sosai, kuma manyan masu sayarwa a dunkule sun fi jin dadin sayar da Bitcoin dinsu ga BlackRock fiye da Grayscale. A zahiri, kamfanin ya tsinci kansa a wani hali mafi muni fiye da yadda yake kafin a fara shari'ar Kotu – kamar yadda aka tabbatar da cewa hannayen jarin GBTC, wadanda a da ake cinikinsu a kan kari (premium) fiye da farashin Bitcoin, a yanzu ana cinikinsu kusan a kan ainihin farashin Bitcoin – kwanaki kadan bayan amincewar karshe ta SEC game da sauyin.

Ga masu zuba jari na cibiyoyi, zabi tsakanin GBTC na Grayscale da IBIT na BlackRock a yanzu ya zama mai saukin gaske ba tare da tunani ba. Tare da kudin sabis na IBIT mai rahusa sosai, zai zama da ma'ana ga manyan masu zuba jari su tura kadarorinsu zuwa BlackRock, wanda zai sanya karin matsin lamba a kan Grayscale. Ga karamin rukunin masu arbitrage amma masu yawan magana, labarin hukuncin wata babbar albarka ce kuma – a yanzu za su iya rufe ragin su ci ribar kokarinsu. Manyan masu zuba jari na cibiyoyi, gami da wadanda suka dade a cikin GBTC kuma suka yi asara mai yawa saboda ragin, za su iya warware matsayinsu kuma su dawo da wasu daga cikin asarar da suka yi. Masu ba da shawara kan zuba jari masu lura da farashi za su iya ba da shawarar IBIT ga abokan cinikinsu, domin ya fi GBTC sauki sosai. A karshe, kotunan fatara a fadin kasar za su fara sayar da kadarorin masu bin bashi daban-daban na crypto, wanda ke kara wani matsin lambar a kan Grayscale.

Ga SEC, sakamakon ya kunshi fahimtar cewa haramcin da aka yi wa Bitcoin spot ETF a zahiri kotu ce ta kawo karshensa. Yayin da hukumar ke rike da ikon sabunta adawarta ga spot Bitcoin ETF a gaba, a yanzu ta tsinci kanta a cikin halin da ya zama dole ta amince da aikace-aikacen Bitcoin spot ETF guda goma sha daya. SEC za ta bukaci sabunta shafinta na yanar gizo don nuna sabon yanayin kasuwar Bitcoin, wanda ya hada da Bitcoin spot ETFs. Hukumar kuma dole ne ta tabbatar da cewa masu ba ta shawara sun fahimci cewa amincewa da Bitcoin spot ETF ba ya nufin goyon bayan Bitcoin ba ne. A zahiri, SEC ta tsinci kanta a cikin wani hali mara dadi na sabunta sakonninta game da Bitcoin dangane da abubuwan da suka faru kwanan nan.

An Tattake Jeff

Jeff ba wawa ba ne – ya san abin da yake yi. Yana sauraron podcasts, yana karanta 10-K, yana kallon ragin GBTC zuwa NAV, kuma yana mai da hankali kan shari'ar. Yana magana da dillalinsa kuma yana daukar kansa a matsayin wanda ya fara shiga da wuri, mai hangen nesa, wanda ke amfani da asusun dillancinsa ba a matsayin kayan aiki kawai ba amma a matsayin wata alama ta daban. Jeff ya san cewa shari'ar Grayscale da SEC ta bude kofa ga amincewar Bitcoin ETF, kuma yana farin cikin sayen GBTC a lokacin da ragin ya fi kowane lokaci yawa. Ya san cewa amincewa da Bitcoin ETF zai sa crypto ya zama ingantacciyar kadara, kuma zai sami kudi. Abin takaici ga Jeff, kasuwanni ba jarrabawar makaranta ba ne, kuma babu rabin maki don cewa ka sani.

Jeff ya sayi GBTC a makare – daidai lokacin da kowa da ke bin podcast din da yake sauraro ya riga ya gama kwashe kudi mai sauki. Ya gayawa kansa cewa har yanzu yana da sauran lokaci domin mutanen kafafen sada zumunta sun ce haka, amma hakan ba gaskiya ba ne. Ya sayi Bitcoin a cikin hayaniyar amincewa, yana zaton hakan zai kara tura farashin sama ya ba shi damar rufe cinikayyar options dinsa da wuri. Lokacin da aka kaddamar da ETFs, ya ji labarin masu hannun jarin Grayscale suna kada kuri'ar rufe ragin, kuma ya sayar da wasu daga cikin GBTC dinsa – amma sai ya zamana cewa tasirin haraji da damar da aka rasa (opportunity cost) ba su cancanci hakan ba. Ya sayi wasu IBIT saboda kowa ya ce a bayyane yake, amma lokacin ba shi da kyau. Ya sayi wasu Bitcoin spot a kan farashi mai tsada saboda kwararar kudin BlackRock ba ta da tsayawa, amma ya sayar a lokacin da wani karamin sauyin farashi ya taba stop-loss dinsa. Lokacin da rukunin ETF ya cika dukkan sharudda ya zama ingantaccen samfurin cibiyoyi, sai ya zama cewa Jeff wani ne da ya dauka ya san abin da ke faruwa amma kuma ya kasance a kan kuskure.

Wannan shi ne farashin da za a biya na zama karamar dabba a cikin savanna, inda manya kuma wadanda suka fi kowa kara – kamar Jeff – ne kawai ke rayuwa. Grayscale da BlackRock ba su damu da rayuwar Jeff ko samun arzikinsa ba – suna son kason kasuwa ne da kuma adana kadarorin cibiyoyi, kuma a shirye suke su yi fada don hakan. SEC ba ta da sha'awar ra'ayoyin Jeff ko makomarsa ta kudi – tana mai da hankali ne wajen sauke aikinta na kare masu zuba jari yayin da take guje wa alhakin ayyukanta. Masu samar da kasuwa (market makers) suna son spread, masu arbitrage suna son a rufe ragin, masu ba da shawara kan zuba jari suna son kayayyaki masu rahusa, kotunan fatara suna son kudinsu, kuma sauran jama'a masu zuba jari suna son hanya mafi sauki don sayen Bitcoin. Mutum daya tilo da ke son Jeff ya rayu shi ne Jeff – amma sai ya zamana yana cikin marasa rinjaye.

A takaice, Grayscale ya lashe shari'ar da ta sa amincewar Bitcoin ETF ta zama dole, amma BlackRock ya lashe gasar da ta biyo baya ta adana kadarorin cibiyoyi. SEC ta lashe yaki da kotu amma ta yi rashin nasara a yakin neman ra'ayin jama'a game da Bitcoin. Masu zuba jari na cibiyoyi sun sami damar sayen damar shiga Bitcoin a kan farashi mai rahusa, yayin da masu hannun jarin GBTC na Grayscale suka sami damar sayarwa a kusan daidai darajar Bitcoin – amma kason kasuwa ya bar Grayscale ba tare da wani abin murna mai yawa ba. Jeff ya sami damar sake duba shawarwarinsa na zuba jari amma ya kare da asarar kudi a kan cinikayyar da ya dauka tana da basira.

Abin yana da matukar kayatarwa idan kai ne Jeff – ganin SEC ta fadi a kotu, kallon farashin Bitcoin yana hawa bayan amincewar ETF, jin cewa sayen GBTC da ka yi a da ya zama daidai. Amma ya fi kyau sosai idan ba kai ne Jeff ba – ganin gasar Bitcoin ETF a matsayin wata dama ta inganta cinikinka, ba a matsayin wata alama ta hikimarka ta zuba jari ba.

Ya fi kyau sosai ka mai da hankali a kan kayan aikin da za su iya taimaka maka, kamar TRON Energy Market na Netts.io, inda masu amfani da TRON za su iya yin hayar Energy don tura USDT da kuma cin moriyar saukin TRON Energy Market wanda ke ba da hanya kai tsaye don sayen TRON Energy topup, nemo TRON Energy mai rahusa, da tura USDT cheap ba tare da an yi staking ko daskarar da kudi ba – duk wadannan sun fi zama abin dogaro sosai fiye da jefa kanka cikin hadarin asarar kudi a cikin shari'a tsakanin manyan gatta biyu na Wall Street.