3min chapter

Coin Stories with Natalie Brunell cover image

Sam Callahan: What You Need to Know About GBTC and the Crypto Contagion

Coin Stories with Natalie Brunell

CHAPTER

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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