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.
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Grayscale Solana Trust's 800% Premium Is A Massive Sell