GBTC massive premium to NAV, but can't short it on IB

So I want to do a little risk free arbitrage by shorting GBTC and buying bitcoins because GBTC is selling at like a 30% premium to nav. Unfortunately IB says I need more permissions to short it, which is weird because I can short anything else without a problem.

 

I don't know what GBTC, but if you can't get a locate, that is why there is a difference.

 

Does it have options?

 

Why don't you simply ask for permission?

 

No locate means NO.

 

http://www.google.com/finance?q=GBTC
Bitcoin Investment Trust (OTCMKTS:GBTC), Mkt cap 108.81M.
ie. OTC aka Pink sheets...

 

OTC permissions are a separate entity under IB, make sure you have them checked.

 

There have been some decent arb opps between american and chinese btc exchanges as of late. The chinese love bitcoin and it trades at a premium over there, probably because they don't like devaluing yuan , capital controls ect. BTC is one good option for them.

 

I don't like arb between bitcoin exchanges because that usually just means it's harder to get your money out of one of the exchanges. Mt. Gox bitcoin was selling at a huge discount way back before they went bankrupt...

 

I have literally every plausibly relevant permissions box checked... and it's talking about permissions not locate. fail to locate is a different error message...