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GSOL - Grayscale Solana Trust's 800% Premium Is A Massive Sell
Global Sources Ltd.
2024-03-08 20:43:54 ET
Summary
I am extremely bearish on the Grayscale Solana Trust (GSOL) and expect it to trade significantly lower than current levels in twelve months.
GSOL has an opportunity cost problem due to its 2.5% management fee and the potential for positive real yields through staking SOL on chain.
GSOL's premium to NAV is off the rails, with shares commanding an 810% premium to the underlying Solana in the fund. A nearly identical fund trades at a 113% premium.