Yeah, you're correct, but the guaranteed "premium" is very relative is all I was saying. Essentially, it will trade like any other derivative, just that there's never a "cash", or in this case, "Bitcoin" settlement. So, if too many head for the exit at the same time, a theoretical discount to NAV is not an impossibility. I don't think it's too awfully likely, but it is a distinct, and very real, possibility. Now, that would be the dip to buy!
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Yea I guess it is possible, though it hasn't happened yet, ever. This setup is exactly how Blockfi pays the interest that it does. It uses the bitcoin that clients loan to them, then exchanges them for shares of gbtc and sells the shares after 6 months and locks the premium. It's not a perfect plan as bitcoin moves around quite a bit during those 6 months though.