假设灰度解散GBTC传闻属实，这意味着什么？

Odaily星球日报Published on 2022-11-16Last updated on 2022-11-16

Abstract

如果Genesis的窟窿不止1.75亿美元……

今日下午，一则关于 GBTC 的传闻瞬间引爆了市场讨论。

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消息源头来自近期异常活跃的加密 KOL Autism Capital。其表示，市场传言称加密交易和借贷机构 Genesis 或存在偿付能力问题，为了填补窟窿，Genesis 的母公司 DCG 或选择解散旗下另一家公司 Grayscale（灰度 ）所发行的 GBTC 和 ETHE。

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首先需要说明的是，Autism Capital 在个人推文中也表示该传闻未经证实，Odaily星球日报也将持续跟踪相关进展。但假设，假设，假设这个传闻属实，这究竟意味着什么呢？为什么 Genesis 破产会牵涉到 GBTC 和 ETHE，分析过后，我们围绕着六个核心问题大致做了些猜想：

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核心问题一：窟窿到底有多大？

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首先，这件事的背景的是 Genesis 存在一定的资金窟窿，此前该机构也表示其衍生品部门有 1.75 亿美元被困在了 FTX 内，不过随后 DCG 又向 Genesis 提供了 1.4 亿美元的股权注资。

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简单算一下就能知道，差额还有 3500 万美元，如果资金窟窿只有这么点儿，显然不至于把百亿美元规模的 GBTC 都给拖下水。

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那么，如果传闻属实，就意味着 Genesis 在这 1.75 亿美元外还有其他的资金漏洞，且该漏洞的大小已超过了 Genesis 自身的承担能力，且会牵涉到 DCG 的决策层利益，DCG 才会选择“弃车保卒”。

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核心问题二：Genesis 还债，与 GBTC 何干？

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根据美国 SEC 今年十月发布的一份文件，Genesis 除了是 Grayscale 的姊妹公司外，此前也曾作为分销商参与过 GBTC 的发行。

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除此之外，2021 年的一些新闻报道也显示，在 GBTC 出现负溢价后，DCG 曾大量买入 GBTC。

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所以可以猜测一种可能性，为了帮助 Genesis 补窟窿，DCG 需要动用属于自己的这部分 GBTC。

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核心问题三：直接卖 GBTC 不行么？

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考虑到 GBTC 当前存在较大的负溢价，且市场流动性有限（平均每日交易 475 万份，每份现报 9.68 美元）。

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可以猜测，GBTC 市场很难承接 DCG 想要抛出的筹码数量，即便卖掉了也会磨损掉极大价值，所以直接卖 GBTC 的牺牲巨大。

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核心问题四：那可以卖背后的 BTC 吗？

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需要说明的是，GBTC 背后作为支撑资产的 BTC 目前储存于 Coinbase Custody 的冷钱包内，且由于 GBTC 的基金性质，目前该基金并不支持从 GBTC 到 BTC 的逆向赎回。

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想要用 GBTC 换回冷钱包内的 BTC 有两个途径：一是把 GBTC 的基金性质转换为现货 ETF（这也是 Grayscale 一直努力的方向）；二就是走解散路线。

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值得一提的是，维持该基金的运作，Grayscale 每年可收取 2% 的管理费用，按现在约 100 亿美元的基金规模就是 2 亿美元，远大于 Genesis 已经爆出来的窟窿。

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核心问题五：解散是啥流程？

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很简单，走对应的法律途径，大致流程是：确定所需要的审批――准备计划――董事会对清盘的审议和批准――向股东及公众发布基金清算公告――开始将投资组合转变为现金或现金等价物；支付债务且/或留出储备金――关闭或停止。

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显然，过程会很漫长。

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核心问题六：如果解散，BTC 怎么交还 GBTC 投资者？

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具体怎么还由相关利益方（基金管理人、托管人、持有人等）共同参与的基金份额持有人大会商定。

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考虑到许多购买 GBTC 的投资者都是无法直接购买或持有 BTC 的特殊基金，所以不排除会选择现金偿还的方式，那就意味着 Grayscale 需要卖掉部分 BTC 储备……你懂这意味着什么。

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特别澄清

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上述所有猜测，都是基于“DCG 会为了帮助 Genesis 而解散 GBTC 和 ETHE”这一传闻属实而做出，只是为了帮助读者梳理一些潜在的逻辑关系，但就现状来看，该事件发生的概率并不高。

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这件事最终会如何发展，仍需等待 Genesis 将于美国东部时间 11 月 17 日 8 点（北京时间 11 月 17 日 21 点）召开的债权人会议结果。

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