Andrew Left Is Bearish On Bitcoin Investment Trust

On CNBC's "Fast Money" Thursday, Andrew Left said he took a short position in Bitcoin Investment Trust GBTC.

He is bearish because the net asset value of the investment trust is twice the amount of the underlying Bitcoin. There are other things that Left sees as negative signs and one of them is the fact that it doesn't even have insurance for Bitcoin. The trust also doesn't offer a guarantee that its owners are going to get a distribution of Bitcoin cash.

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Left took a short position recently and he decided to hedge a half of the position.

The GBTC closed Thursday at $1,005, up more than 8 percent.