Buying GBTC early last week would have paid off better than buying the first Bitcoin ETF BITO

For those paying attention, this should come as no surprise.

GBTC has been trading with a 20% discount to its NAV.

Something that is ridiculous when you really think about it...

If GBTC were to sell off its assets it could pay everyone 20% more than the shares are worth today...

Anyways, with that discount closing, GBTC outperformed the new bitcoin ETF during the first week of trading:

(Source: https://cointelegraph.com/news/gbtc-delivered-better-returns-than-bitcoin-etfs-last-week)

Buying GBTC with a 20% discount in order to gain bitcoin exposure sounds like a no-brainer to me.