Help me understand this…
I sold 4,193 GBTC for 4,136 FBTC in my retirement account. However, when reading the prospectuses, I realized that each GBTC = 0.00089260 BTC and each FBTC = 0.000874479 BTC. Doing the math, I had about 3.75 BTC and now have about 3.62 BTC.
4,193 GBTC ($40.50) * 0.00089260 BTC = 3.75 BTC ($169,817)
4,136 FBTC ($40.88) * 0.000874479 BTC = 3.62 BTC ($169,079)
Seems like the swap resulted in a loss of about 0.13 BTC (or 3.5%). However, the dollar amount difference was $700 in terms of GBTC sold and FBTC purchased, which seems an acceptable spread to reduce my ongoing fees from 1.5% to 0.25% (0% for six month).
What I can’t wrap my head around is how I lost 3.5% of my BTC in making this change. And does it really matter if both GBTC and FBTC track BTC, so the percentage gains/losses will be similar regardless of the number of BTC owned? And did I get scammed?!
submitted by /u/Remote_Positive_4163
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