Terra Luna - What Are We Going to Do?

3OAC had this huge Genesis loan because they put on this GBTC trade with a ton of leverage and then it flipped. And so they knew their death date was in six months when the GBTC holdings unlocked and they would have to pay back the loan and sell it a loss or be insolvent. So what did they do instead? They used that GBTC position as collateral again to get these loans from every single lender in the business and they went searching for yield.

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Sam Callahan is the Lead Analyst at Swan Bitcoin where he spend most of my time with Swan Private Client Services team educating high-net-worth individuals, financial advisors, and businesses about Bitcoin.

You can find him on Twitter at @SamCallah.

You can find his work on the Swan Signal blog at swan.com.

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