6/30/25 - $osol - $SOL is tokening stonks

6月30日

6/30/25 :: VROCKSTAR :: OSOL
SOL is tokening stonks

- so OSOL is osprey's SOL closed end fund
- similar to OBTC that i talk about, the chart you see below is vs. the NAV e.g. this is currently at 17% discount to spot
- and we know SOL will have an ETF this month
- we see stocks being now tokenized on chain and SOL is the chain that will see the most volume
- so if you like stable coins... you should like tokenized stocks even better
- closed end funds trade funny

V

6月30日

交易开始

Using the solana treasury 3x mnav DFDV to delta hedge this as best as possible, not ideal, but considering staking ETFs are now going to be available a few thoughts.
- look at $OTC:GSOL today - grayscale's SOL closed end fund... it's trading down back toward 1x (where etf trades)
- the way you truly get "yield" on say BTC treasuries is that you can tap sources of ex-equity mkts (debt whether that's prefs, converts etc.) and that "risk" accrues in time to equity holders such that underlying performs. i think a micro cap sol treasury fund will have incredibly difficult time selling these types of instruments to institutional buyers... so their only way fwd is dilution and hope of higher and higher mnav (which is eventually unsustainable, mathematically... need other sources of capital ex. equity)

so it's a good natural hedge all else equal.
and i'd probably size up the size of this hedge should it ape higher in the coming sessions, esp given the SSK vehicle starts to trade wed. short-term catalyst helps here, tremendously.

V

7月1日

交易结束：到达目标

i'm closing it after learning more
the osprey staking product won't involve this
staking is a complicated animal
SOL will waffle
if you're chitcoining ETH is your better chitcoin as stable adoption marches on

V