Arb Mechanics
🟢 CREATE — IBIT trading at premium
→ Buy BTC on spot
→ Deliver to Coinbase Custody
→ Receive 40,000 IBIT shares from BlackRock
→ Sell IBIT on Nasdaq → capture premium
🔴 REDEEM — IBIT trading at discount
→ Buy IBIT shares on Nasdaq (below NAV)
→ Redeem with BlackRock / iShares
→ Receive BTC from Coinbase Custody
→ Sell BTC on spot → capture discount
