GBTC为何会有近50%的负溢价率？Genesi破产文件终于披露真相

PanewsPublished on 2023-01-25Last updated on 2023-01-25

Abstract

GBTC为何会出现近50%的负溢价率？最近流出的加密借贷公司Genesis破产文件终于披露了一些真相。对于Gemini及其Earn客户而言，他们不得不面临一个事实：自己已经成为Genesis的最大债权人，但却不是级别最高的债权人。

GBTC为何会出现近50%的负溢价率？最近流出的加密借贷公司Genesis破产文件终于披露了一些真相，主要情况概述如下：

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1、Genesis承诺向加密货币交易所Gemini的Earn用户提供GBTC产品

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2、Genesis暂停提款

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3、Gemini撤销GBTC抵押品赎回权

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4、Gemini将GBTC出售给私人买家，导致价差不断扩大

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Gemini“不仁”在先，Genesis “不义”在后？

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如果按照破产文件披露的信息，似乎是加密货币交易所Gemini“不仁”在先，最终导致Genesis“不义”。下面，就让我们按照时间线的方式详细分析整个事件的来龙去脉。

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2022年8月15日，也就是三箭资本（3AC）破产之后的两个月，加密货币交易所Gemini签署了一份抵押品协议（Security Agreement），其中包括价值4.65亿美元的GBTC购买承诺，以15.06美元购买3100万个GBTC股份单位。

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对于Gemini来说，这笔交易存在风险，他们的Gemini Earn收益产品风险经理曾要求Genesis尽快提供抵押品：“嘿，Genesis，我们（Gemini）有很多无担保风险资产，所以快点把抵押品发给我们吧。”

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Gemini风险经理的担心不无道理，主要有三个原因：

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1、交易对手的中心化风险增加

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2、Genesis未偿付贷款开始建设

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3、来自Gemini的潜在风险蔓延

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没有人想让自己变成下一个三箭资本。

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（注：三箭资本曾从Genesis获得了高达23.6亿美元的贷款，几乎占到Genesis总贷款额的50%，数据显示Genesis向三箭资本提供的贷款总共获得了约1700万股GBTC的支持。）

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2022年11月7日，Gemini交易所和Genesis修改了抵押品协议，双方同意先延长偿还期限，这么做的原因是为了能让Genesis有更多时间偿还Gemini Earn债权人。

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2022年11月8日，加密货币交易所FTX宣布停止提款，尽管Genesis与FTX协商了很长时间，但FTX最终内爆让Genesis彻底失去拿回资金的希望。

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2022年11月10日，Gemini交易所和Genesis对抵押品协议进行了第二次修正。这一次，数字货币集团（DCG）加入，并成为了抵押品协议中的一份子。DCG之所以介入，主要是为了希望通过抵押另外3100万股GBTC来帮助Genesis。

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2022年11月16日，Genesis宣布暂停提款。同一天，加密货币交易所Gemini开始在私人销售交易中抛售GBTC抵押品（这意味着Gemini没有遵守11月7日双方重新修订的抵押品协议要求），每GBTC股票价格为9.20美元，总计抛售了3090万股，并且用2.843 亿美元的收益减去取消抵押品赎回权的成本和费用来偿还债务。——而在2022年11月7日，也就是9天前，GBTC的每股股价是12.15美元，这意味着Gemini以25%的折扣价抛售GBTC，而且抛售的规模占到GBTC总流通量的5%。

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从下图可以看出2022年11月10日和2022年11月16日发生的情况，2022年11月10日是GBTC抵押品返还日期，而2022年11月16日则是Genesis宣布暂停提款以及加密货币交易Gemini开始清算抛售GBTC的日期。Gemini折价抛售GBTC之后，一些私人买家开始在公开市场上做空或出售 GBTC 来对冲风险，结果导致负溢价率进一步扩大。

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这次折价出售GBTC给Gemini带来了2.84亿美元的收益，随后Gemini将止赎和出售情况告知了Genesis，但Genesis认为，Gemini止赎和出售GBTC在商业规则上似乎不合理（尽管相关交易是在通知了Genesis的情况下完成的）并且提出了异议（注：实际上，这时候DCG和Genesis已经非常不满了，重组咨询服务公司Alvarez & Marsal North America董事总经理迈克尔·莱托曾透露，Genesis曾指出Gemini对抵押品的止赎操作根本不适用法律规则）。

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需要注意的是，此时Genesis依然没有交付承诺返还给Gemini的“第二批”GBTC抵押品，要知道，这些抵押品应该在2022年11月10日就交付给Gemini。

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此外，GBTC的控股股东Genesis和Digital Currency Group不能简单地“抛售”其持股以筹集更多资金，因为根据1933年美国证券法第144A条规定，场外交易或场外交易实体的发行方提前通知拟议的销售，而且已发行股票销售上限或每周交易量只能占到股票总量的 1%。根据法规，GBTC持股将被视为“受限证券”。

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所以，从Genesis破产文件中披露出的细节信息可以看出，加密货币交易所Gemini未按照双方修订协议选择折价抛售GBTC，或是导致该基金负溢价率不断走高并触及“-50%”历史低点的导火索。

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Gemini提前套现，最后反而得不偿失？

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后面的故事，想必很多人都已经知道——Gemini交易所联合创始人Cameron Winklevoss和DCG首席执行官Barry Silbert在社交媒体上开撕，紧接着Genesis申请破产……

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“有趣”的是，在Genesis破产重组计划中，他们将Gemini及其Earn客户设定为“IV级无担保债权人”，排在Genesis机构债权人、有担保债权人和持有优先债权的债权人这三类债权人之后，这或许是Genesis在表达对Gemini此前所作所为的强烈不满。需要注意的是，债权人等级对于确定每一类债权人可以通过破产程序最终收回多少资金至关重要，而Gemini及其Earn客户作为“四级无担保债权人”，可能意味着即使法院支持Gemini并且判决该交易所有资格获得索赔，他们也不一定能够得到索赔资金，因为这是破产，没人可以确保有足够的钱可以补偿给债权人，更别说是低级别的债权人。

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现在，相信大家可以理解为什么“Genesis正式申请破产”消息出来后，Cameron Winklevoss第一时间就在社交媒体发文称会对DCG及其首席执行官Barry Silbert等人采取直接法律行动——“除非DCG能给出一个公平的解决方案，否则Gemini将立即对DCG及其CEO提起诉讼，Gemini也将使用破产法庭可用的所有工具以最大限度地为Earn用户追回损失。”

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整体来看，目前很难断定Gemini和Genesis两家公司彼此之间的是非，毕竟从情理来说，Gemini为了保护自身及Earn客户权益折价抛售GBTC也有道理（尽管存在法律异议）。但Genesis申请破产可能让Gemini始料未及，因为对于Gemini及其Earn客户而言，他们不得不面临一个事实：自己已经成为Genesis的最大债权人，但却不是级别最高的债权人。也就是说，Gemini很可能永远无法获得索赔资金，即便可以获得，或许也不得不要等待相当长一段时间。

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