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Think Bit Coin Is Just a Bubble? 5 Best Methods to Short It

The CEO of J.P. Morgan this week predicted Bit coin that a "fraud" and "worse compared to tulip bulbs" If you agree, then it could be tempting to gamble from the digital money. Sure, the purchase price has had a beating recently however it's up 400 percent from January (,850 at the time of Thursday) --offering a chance for Bit coin bears.
So just how can you short Bit coin? It isn't easy because of deficiency of lending options (in accordance with other resources) and because a few tactics are on a specialist trader. Nevertheless, here are just five approaches for bears to gamble against the entire world's most common digital money.
Inch) Buy it around perimeter market it
Trading programs such as Coin base-owned GDAX let you buy online margin. While gross profit purchases normally entail adding leverage to proceed long within an advantage, in addition, it is feasible to go short by purchasing bit coins on perimeter, and shutting out the career after on. In the event the purchase price tag on bit coins drops in that moment, you're benefit from the commerce.
You will find a couple of caveats. It's that GDAX requires U.S. occupants to get at least 5 million should they would like to exchange on margin. (San Francisco-based rival Kraken does not appear to possess this limitation). The alternative is that clients can simply exit margin places available for a rather brief amount of time--27 days while in the instance of GDAX--that means individuals gambling on a fall in Bit coin desire it to fall in short sequence, or they'll need to pay the purchase price growth.
Two) Short stocks of this Bit-coin Investment Trust
The SEC this season refused a program by the Winklevoss twins to establish a Bit coin ETF. The stocks of the ETF will have exchanged to a significant market, also let average traders utilize their broker account to short them at precisely the exact same way as a average inventory exchange.
The SEC is reconsidering your choice however, at the meantime, the only real stock-like alternate could be your Bit Coin Investment Trust. As its name implies this is just a hope which holds Bit coin and enables people exchange its shares under the ticker GBTC.
Once more, you'll find grabs. It's that GBTC isn't permitted trade on major exchanges, therefore as an alternative it's recorded on OTC Markets (aka the "pink sheets") alongside other misfit toys of this auctions globe. Enormous brokerages such as TD Ameritrade do enable traders purchase OTC-listed stocks however, perhaps not short them, helping to make it more challenging to gamble against GBTC. At length, the purchase price tag on Bit Coin Trust stocks have gotten untethered into the amount tag on Bit coin (it's ostensibly broken within an investment vehicle) therefore a brief bet isn't quite a bet on Bit coin itself.
3) Buy derivatives on LedgerX (if they arrive)
Experienced investors might want to wade in the entire world of options and other derivatives like a means to become more bearish on Bit coin. Specifically, they can get a "put option" to market Bit coin during its present flat-rate cost. In the event the purchase price tag on Bit coin starts falling, the possibility increases in value along with also its owner can pocket an advantage.
These derivative contracts aren't available yet; however, they should be so on. Back in July the Commodity Futures Trading Commission approved a bid by a company named Ledger X to start a clearing house to get crypto currency places, calls, swaps and a wide range of additional exotic contracts. Ledger X is predicted to be available for business within the not too distant future.
(Update: There is also Hong Kong-based Bitmex, and it is a long-time purveyor of all bitcoin-related derivatives. 1 catch: all of trades, in addition to losses and profits, are ran in Bit coin--meaning you have to purchase Bit coin until you are able to view it).
4) Ask Goldman Sachs to compose you a contract


Simon Property Group, Inc. | 8 3/8% Series J Cumulative Redeemable Preferred Stock (SPG.PRJ)

Prospectus excerpt: Immediately prior to the effective time of the REIT Merger, Simon shall file a Certificate of Designations with the Secretary of State of the State of Delaware to create the Simon 83/8% Preferred Stock. The following summary of the terms and provisions of the Simon 83/8% Preferred Stock does not purport to be complete and is qualified in its entirety by reference to the pertinent sections of the Certificate of Designations creating the Simon 83/8% Preferred Stock, the form of which is attached to this proxy statement/prospectus as Appendix E.

The Simon 83/8% Preferred Stock, with respect to dividend rights and rights upon liquidation, dissolution or winding up of the affairs of Simon, will rank (i) junior to all other shares of capital stock of Simon which, by their terms, rank senior to the Simon 83/8% Preferred Stock, (ii) on a parity with all other shares of Simon preferred stock which are not, by their terms, junior or senior to the Simon 83/8% Preferred Stock and (iii) senior to the Simon common stock, Simon Class B common stock and Simon Class C common stock and to all other shares of capital stock of Simon which, by their terms, rank junior to the Simon 83/8% Preferred Stock. The Simon 83/8% Preferred Stock shall rank on a parity with the Simon Series A Convertible Preferred Stock, Simon Series A Excess Preferred Stock, Simon Series B Convertible Preferred Stock, Simon Series B Excess Preferred Stock, Simon Series C Convertible Preferred Stock, Simon Series D Cumulative Redeemable Preferred Stock, Simon Series E Cumulative Redeemable Preferred Stock, Simon Series F Cumulative Redeemable Preferred Stock, Simon Series G Cumulative Step-Up Premium Rate Preferred Stock and Simon Series H Variable Rate Preferred Stock, which as of the date of this proxy statement/prospectus are the only authorized classes or series of Simon preferred stock, the Simon 6% Convertible Preferred Stock to be issued in the REIT Merger and any other class or series of Simon's capital stock that is not by its terms junior to the Simon 83/8% Preferred Stock.

Holders of the Simon 83/8% Preferred Stock will be entitled to receive, when and as authorized by the Simon board of directors, out of funds legally available for the payment of dividends, cumulative cash dividends at the rate of 8.375% of the liquidation preference per annum (equivalent to $4.1875 per share per annum). Such dividends shall be payable quarterly in arrears on the last day of each March, June, September and December or, if not a business day, the succeeding business day. Any dividend payable on the Simon 83/8% Preferred Stock for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of record as they appear in the stock records of Simon at the close of business on the applicable record date, which shall be the 15th day of the calendar month in which the applicable dividend payment date falls or such other date designated by the Simon board of directors for the payment of dividends that is not more than 30 nor less than 10 days prior to such dividend payment date.

Immediately prior to the effective time of the REIT Merger, Chelsea shall pay any accumulated dividends on the Chelsea Series A Preferred Stock to the holders thereof for the period from the last preceding dividend payment date to but excluding the date of the closing of the REIT Merger. Dividends on the Simon 83/8% Preferred Stock will accrue from and after the date of the closing of the REIT Merger. The initial dividend payment date on the Simon 83/8% Preferred Stock will be the first date on which a quarterly dividend would have been paid on the Chelsea Series A Preferred Stock after the closing of the REIT Merger had the REIT Merger not occurred. On such date, Simon shall pay holders of Simon 83/8% Preferred Stock a dividend equal to the annual dividend rate of $4.1875 per share for the period from and including the date of the closing of the REIT Merger to but excluding the date as to which such initial dividend is payable based on a 360-day year of twelve 30-day months.

No dividends on the Simon 83/8% Preferred Stock shall be authorized by the Simon board of directors or be paid or set apart for payment by Simon at such time as the terms and provisions of any agreement of Simon, including any agreement relating to its indebtedness, prohibits such authorization, payment or setting apart for payment or provides that such authorization, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such authorization or payment shall be restricted or prohibited by law.

Notwithstanding the foregoing, dividends on the Simon 83/8% Preferred Stock will accumulate whether or not Simon has earnings, whether or not there are funds legally available for the payment of such dividends and whether or not such dividends are authorized. Accumulated but unpaid dividends on the Simon 83/8% Preferred Stock shall not bear interest and holders of the Simon 83/8% Preferred Stock shall not be entitled to any dividends in excess of full cumulative dividends as described above.

No dividends will be declared or paid or set apart for payment on any capital stock of Simon ranking, as to dividends, on a parity with or junior to the Simon 83/8% Preferred Stock for any period unless full cumulative dividends have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment therefor set apart for such payment on the Simon 83/8% Preferred Stock for all past dividend periods and the then current dividend period. When dividends are not paid in full (or a sum sufficient for such full payment is not so set apart) upon the Simon 83/8% Preferred Stock and the shares of each other series of preferred stock ranking on a parity as to dividends with the Simon 83/8% Preferred Stock, all dividends declared on the Simon 83/8% Preferred Stock and any other series of preferred stock ranking on a parity as to dividends with the Simon 83/8% Preferred Stock shall be declared pro rata so that the amount of dividends declared per share of Simon 83/8% Preferred Stock and such other series of preferred stock shall in all cases bear to each other the same ratio that accumulated dividends per share of Simon 83/8% Preferred Stock and such other series of preferred stock bear to each other.

Except as provided in the immediately preceding paragraph, unless full cumulative dividends on the Simon 83/8% Preferred Stock have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment therefor set apart for such payment on the Simon 83/8% Preferred Stock for all past dividend periods and the then current dividend period, no dividends (other than in shares of Simon common stock or other capital stock ranking junior to the Simon 83/8% Preferred Stock as to dividends and upon liquidation) shall be declared or paid or set aside for payment nor shall any other distribution be declared or made upon the Simon common stock, Simon Class B common stock or Simon Class C common stock or any other capital stock of Simon ranking junior to or on a parity with the Simon 83/8% Preferred Stock as to dividends or upon liquidation, nor shall any shares of Simon common stock, Simon Class B common stock or Simon Class C common stock or any other capital stock of Simon ranking junior to or on a parity with the Simon 83/8% Preferred Stock as to dividends or upon liquidation be redeemed, purchased or otherwise acquired for any consideration (or any moneys be paid or made available for a sinking fund for the redemption of such shares) by Simon (except by conversion into or exchange for other capital stock of Simon ranking junior to the Simon 83/8% Preferred Stock as to dividends and upon liquidation).

Any dividend payment made on the Simon 83/8% Preferred Stock shall first be credited against the earliest accumulated but unpaid dividend due with respect to such shares which remains payable.

Full Prospectus PDF », SPG Page »

Series:J
Alternate symbology:SPG-J, SPG-PJ, SPGprJ
Redeemable?:Yes
Call Date:10/15/2027
Perpetual?:Yes
Cumulative?:Yes
Liquidation Preference:$50
Recent Market Price:$70.63
Premium to Liquidation Preference:
(More Preferreds Trading at a Premium »)
$20.63 (41.26%)
Annualized Dividend:4.1875
Recent Ex-Date:12/14/2017
Current Yield:5.94%
Original Coupon:8.38%
Pay Period:Quarterly
Pay Dates:31-Mar, 30-Jun, 30-Sep, 31-Dec
Simon Property Group is a self-administered and self-managed real estate investment trust. Co. owns, develops and manages retail real estate properties, which consist primarily of malls, Premium Outlets®, and The Mills®. As of Dec 31 2016, Co. owned or held an interest in 206 income-producing properties in the U.S., which consisted of 108 malls, 67 Premium Outlets, 14 Mills, four lifestyle centers, and 13 other retail properties in 37 states and Puerto Rico. Internationally, as of Dec 31 2016, Co. had ownership interests in nine Premium Outlets in Japan, three Premium Outlets in South Korea, two Premium Outlets in Canada, one Premium Outlet in Mexico, and one Premium Outlet in Malaysia.

Preferred: SPG.PRJ


Open the SPG Information Page »
Name: Simon Property Group, Inc.
Website: simon.com
Sector: REITs
Number of ETFs Holding SPG: 94 (see which ones)
Total Market Value Held by ETFs: $8,553,527,982.95
Total Market Capitalization: $51,633,000,000
% of Market Cap. Held by ETFs: 16.57%

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