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I don't understand NAV premiums when it comes to ETH. What does this mean?

The fund has 100 ETH. Let's assume the price of ETH is $1.

The NAV of the fund is $100. A premium of 100% means that the fund is trading at $200.

This means that there is an arbitrage opportunity: https://medium.com/amber-group/grayscale-gbtc-and-ethe-arbit...

That's not an arbitrage due to the lock up period, which exposes you to considerable risk.

You borrow the assets that you are depositing in the fund, so there is no price exposure during the lockup period. Not all arbs are executed instantly. But you know all this...

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