> If it's a permanent profit source, then it can't be an arbitrage either, can it I think you misread me? My claim is that the Gbtc trade Carrie’s plenty of ri

> If it's a permanent profit source, then it can't be an arbitrage either, can it I think you misread me? My claim is that the Gbtc trade Carrie’s plenty of risk, much then anything that would be appropriately described as an arbitrage. You’re exactly right about arbitrages, which is why arbitrages tend to go away very fast and/or are extremely competitive (latency arbitrage is an example). Gbtc redemption was somewhere between difficult to impossible over history, so it’s not really an arbitrage in the same way that an etf and its constituents are. You have an implied bet that you’ll be able to sell the gbtc at an even higher premium or eventually redeem it at some premium that makes borrow costs worthwhile. Neither of these are risk free and borrow is very expensive, many firms learned this the hard way