A couple of notes from a skim of the updated > The Trust values its bitcoin as measured at 4:00 p.m. Eastern time using the Gemini Exchange Spot Price on each

A couple of notes from a skim of the updated > The Trust values its bitcoin as measured at 4:00 p.m. Eastern time using the Gemini Exchange Spot Price on each Business Day. The Gemini Exchange Spot Price is the price of bitcoin on the Gemini Exchange as of 4:00 p.m. Eastern time on each Business Day. So they are using the exchange they founded to price their bitcoin trust.............hmmmm > While the Trust’s investment objective is for the Shares to track the price of bitcoin as measured at 4:00 p.m. Eastern time using the Gemini Exchange Spot Price on each Business Day, the Shares may trade in the secondary market on BATS at prices that are lower or higher relative to the NAV. The amount of the discount or premium in the trading price relative to the NAV may be influenced by non-concurrent trading hours and liquidity between BATS and larger Bitcoin Exchanges in the Bitcoin Exchange Market. This represents an interesting arbitrage opportunity. This could end up like PHYS or SBT/CGT where they tend to trade at a discount to NAV. > Under the License Agreement, the Sponsor is required to pay a monthly royalty equal to a percent of the net Sponsor Fee received by the Sponsor during the previous month based on a running royalty rate of between eight (8) percent and sixteen (16) percent of such net Sponsor Fees. WIP retains the right, but is not required, to terminate the license if the Sponsor does not meet a minimum royalty payment of $300,000 during the prior 12-month period, starting on the third anniversary of the License Agreement. The Sponsor has the right to sublicense its rights within the Field of Use in exchange for an obligation to pay a seventy-five (75) percent royalty based on revenue and/or any other compensation, if any, collected from such sub-license. I'm not sure what IP the wiklevoss' company WIP has licensed to the trust, but getting a free $300,000/year sounds like a good deal from them and not so much for the unit holders. So the winklevoss' license IP to the fund , use their exchange to price the fund and the custodian of the fund is Gemini Trust Company, LLC, which they also control. One other thing that looks dubious is that the sponsor is Digital Asset Services, LLC, You might google that and find Digial Assests https://digitalasset.com/ https://digitalasset.com/ a legitimate blockchain company, but you'd be wrong. > The Trust’s Sponsor is Digital Asset Services, LLC. The Sponsor is a Delaware limited liability company formed on May 9, 2013, and is wholly-owned by Winklevoss Capital Management, LLC (“WCM”). So the name is about as close as you can get without being the same, I mean I'm trying really hard to see a way in which this isn't intentionally misleading, but sadly failing. I mean, shit, why not just write these guys a cheque and buy your own bitcoins.