Krystalyn Weaver

My account was hacked and taken over by a weird crypto dude… working on restoring my previous info and deleting the crypto tweets!

[Krystalyn Weaver @kweaver3]

@AmericanAir Sadly she continued to be rude to me through the whole flight 😓

[Krystalyn Weaver @kweaver3]

@AmericanAir Please train your flight attendants better. I’ve been treated very poorly while traveling with my (well behaved, sleeping baby) and we haven’t even taken off yet. Traveling with kids is hard enough.

[The Daily Show @TheDailyShow]

Fox News is talking about the House Speaker votes like they should've talked about Jan. 6, so we switched the footage for them

[Krystalyn Weaver @kweaver3]

Their purchases of GBTC are to mitigate the impact of the institutional-level selling pressure and prop up the fund's net asset value (NAV).

Almost like a stock buyback.

Still, that intervention hasn't stopped the discount to NAV of the fund widen out to -42.7%

[Krystalyn Weaver @kweaver3]

GBTC holds ~648,000 bitcoin
(Is this number correct? Please DM)

Obviously, GBTC dissolving and selling $10.5 billion worth of bitcoin would send the price down.

But the more pertinent setback would be the timeline for a spot ETF coming to fruition.

[Krystalyn Weaver @kweaver3]

GBTC's public filings are unaudited.

But its accounting firm, Friedman LLP, was busted by the SEC this year for "improper professional conduct" in audits of other firms since 2017.

Friedman LLP's audits failed to report "materially inaccurate financial statements" & fraud.

🤔

[Krystalyn Weaver @kweaver3]

No FUD.

Scenarios:
1 - Collect mgmt fees until ETF conversion
or DCG distress leads to:
2 - Dissolution of the trust
3 - Buyout from JPM, Fidelity, etc.

#1 = Occam's razor unless DCG distress isn't resolved.

Then it's 2 or 3. Either way, clients get $-equivalent to their GBTC:

[Krystalyn Weaver @kweaver3]

Shot 🥃

Genesis is the sole broker-dealer for GBTC - it sets the index price and converts BTC 🔁 USD and vice versa.

Chaser 🥤

GBTC gets dissolved if an event prevents it from setting index price or converting BTC 🔁 USD - an event like... Genesis/DCG facing solvency issues.

[Krystalyn Weaver @kweaver3]

No FUD.

Scenarios:
1 - Collect mgmt fees until ETF conversion
or DCG distress leads to:
2 - Dissolution of the trust
3 - Buyout from JPM, Fidelity, etc.

#1 = Occam's razor unless DCG distress isn't resolved.

Then it's 2 or 3. Either way, clients get $-equivalent to their GBTC:

[Krystalyn Weaver @kweaver3]

GBTC's public filings are unaudited.

But its accounting firm, Friedman LLP, was busted by the SEC this year for "improper professional conduct" in audits of other firms since 2017.

Friedman LLP's audits failed to report "materially inaccurate financial statements" & fraud.

🤔

[Krystalyn Weaver @kweaver3]

*Vaporizes 8-figures of investor wealth and flees to Dubai*

Forbes: math-wiz girlboss 💅✨️

[Krystalyn Weaver @kweaver3]

Absolutely laughable reporting on criminal fraud.

"Loves Harry Potter! Loves taking big risks!"

Reads like a high school yearbook.

The mainstream media in 100% in bed with Sam and all of his gaunt criminal compatriots.

[Forbes @Forbes]

Alameda Research CEO Caroline Ellison is a math whiz who loves Harry Potter and taking big risks. She is also one of the supporting players in Sam Bankman-Fried's FTX catastrophe — and a new darling of the alt-right.

Read more: https://t.co/15QghRLzNz

[Krystalyn Weaver @kweaver3]

GBTC holds ~648,000 bitcoin
(Is this number correct? Please DM)

Obviously, GBTC dissolving and selling $10.5 billion worth of bitcoin would send the price down.

But the more pertinent setback would be the timeline for a spot ETF coming to fruition.

[Krystalyn Weaver @kweaver3]

ALL of this GBTC intervention as it blew $140m to help its subsidiary, Genesis.

Now DCG is requesting a $1 billion emergency loan. Good luck finding a lender after this last week.

They may have to drop some of their GBTC holdings to shore up cash, widening the discount further.

[Krystalyn Weaver @kweaver3]

Their purchases of GBTC are to mitigate the impact of the institutional-level selling pressure and prop up the fund's net asset value (NAV).

Almost like a stock buyback.

Still, that intervention hasn't stopped the discount to NAV of the fund widen out to -42.7%

[Krystalyn Weaver @kweaver3]

GBTC has been dumped by institutions all year long - parent company Digital Currency Group (DCG) has chosen to pick up the bag.

3AC dumped 100% of its bags.
BlockFi dumped 100% of its bags.

DCG is the largest holder of its subsidiary's bitcoin trust.

[Krystalyn Weaver @kweaver3]

Rates & money markets action today:

• Eurodollar Futures (orange) pointing to wicked steep cuts relative to 2 wk ago (green)
• All major spreads along the UST curve are 'end-of-cycle' deeply inverted

Rates signal not only an end to hiking but perhaps easing sooner than later.

[Krystalyn Weaver @kweaver3]

Only when 3m10s uninverts does the recession & nadir of the risk asset selloff occur.

Environment is pointing to Q1/Q2 rates normalization and uninversion.

Right now is a honeymoon period where risk assets see the regime shift for rates up ahead and get in front of their skis.

[Krystalyn Weaver @kweaver3]

This guy was a risk manager that didn't realize horse manure doesn't hedge out cow manure.

Manure is manure, there is no "diversification" if your assets, liabilities, and hedges are all the same shit.

MIT graduate, by the way 👍

[Krystalyn Weaver @kweaver3]

You expect me to believe that Crypto.c0m is buying stadiums and sponsoring the World Cup exclusively with transaction fee revenue?

No corporate borrowing or leverage whatsoever, all client funds are reserved 1:1?

Ok, we'll see.