tech i do think that there is some argument to be made that we're kind of formulating a bit of an overshoot right here in terms of sediment, in items of where the market, at least in the short-term we'll see how that develops from here also volumes really have come back i don't know if the market is kind of going to sleep a little bit. >> well, the vix is so low maybe some people are. thank you. that does it for us on "closing bell." "fast money" is now. i'm melissa lee, and this is "fast money. gay gallegos, tim seymour, karen finerman a ripper of a rally. that's what tom lee says the market is in right now just how high he thinks the stocks can go this month and what's going to drive them plus, the s&p may be at a new record, but not every name has gone along for the ride. the chart mastaler lay out his picks for the stocks that are poised for a breakout. and the crypto craze about to get a little crazier. gray scale reafirming its plans to launch a bitcoin etf. we'll talk about this deal we start with the record rally on wall street the s&p and dow setting another

round of new highs names like alphabet, facebook, microsoft all closing at new records. but the strength wasn't limited to just big tech take a look at some of the industrial names, also at all-time highs whirlpool to union pacific, honeywell the strength is broad-based. so is this a sign that tech and the cyclical/reopening trade can actually go up together? guy, what do you say >> it certainly appears that way. you know, i would have said probably not a few weeks ago but over the last couple of weeks, every indication is that everything can rally in unison listen, i'll be the first to admit the general market, i didn't see the s&p anywhere near 4100 but some of these names we talked about, we've been correct. i still think facebook, despite the move today, despite it closing at an all-time high, has legs i said it a hundred times. i hate everything about facebook but the stock. google, the move although

noteworthy, does make a lot of sense. valuation is still reasonable at these levels and and good for bk owho in early marched flagged nvidia a lot of these stocks have had runs a loft these stocks have a lot of ways to go until the upside >> brian kelly, you flagged the nice move at nvidia. how are you feeling these days looking at all these stocks going to all-time highs? >> yeah, you know, you would think, you would think that bk would have his bear suit on and be all grumpy and salty about it i'm okay with it listen, this is the market that we have. right? so if this is the market we have, then this is what i have to trade and this is to me the message from the market. you have number one economic growth is going to be greater or outrun any impact from inflachlgts it's going to mitigate any inflation we saw that in the jobs numbers. we're seeing ism comes in. plus we also have an infrastructure spending bill coming so i think the market is rightly

pricing that in. how long that lasts, i don't know but it seems like we've got at least another quarter of it to price that in as you get new money coming in. >> at least another quarter. that ain't bad, karen finerman, given the very strong economic data that we have seen >> right and especially with this market being as short-term focused as it is, another quarter, that would be pretty good i mean, we're going start to see actual earnings soon we have the banks coming out next week that will give us not just an indicator of the banks' earnings, which i think will be really good, but also their look inside the economy and what they're seeing and how optimistic they are about the consumer come back they'll see that in credit cards, in loans. we'll see if there is good loan growth so i'm optimistic, but it does seem -- this is like a little silly. i guess if we had rolled in the payroll number to this morning instead of friday, where the market didn't trade, maybe it would make a little more sense but i agree with bk. i'm staying long when i look at the things that have run a lot, i don't look --

i don't see what the alternative is for me to sell that, pay taxes and getting into something else i do like looking for things that do have a little bit lower multiples, something like a walgreen, boots. that's would be something that i'm adding here. google, i love it. it's my biggest position i'm not adding any here. i love the run ill stitt, as guy said and guy is so generous, praising everyone we want to praise you too, guy, obviously you've hated facebook except for the stock for a long, long time. so i'm sticking with those as the vix comes in, he will buy some protection because i wouldn't be surprised to see a little bit of a pullback, but i'm long, always long. >> yeah, guy has been able to put aside some very strong personal feelings against facebook to recommend the stock. as human beings, we're optimistic creatures, most of us, except for maybe bk on this panel. but we have a long weekend we had some beautiful weather, at least on the east coast we

did. celebrating maybe with family because more people are getting vaccinated the talk is what kind of vaccine are you getting or have you gotten there is a real sort of just a look forward tendency on the part of human beings at this point in time where we're saying you know what? things are happening it's reopening and it's easy to translate that into the stock market. >> well, you're talking about emotional factors. again, we referenced how guy's removed emotion from his trading view, which is what you to do. but i think, first of all, if we talk about the month of april and spring and look, seasonally, this is one of the great months of the year to aloe kay capital. in many years it's followed by difficult mays and junes, but there is a lot of seasonal going on here. we've gotten to a place where the dollar after being maybe one of the most overcrowded trades, et cetera, then put in a 5% rally, an aggressive rally off the bottom and gave back 50 -- yeah, about half a percent today, which is a very big move

to the currency. and then you had things like dr. copper which should also be taking into account the economic positivity and some of that tailwind that we got from the jobs number up almost 4% today those are factors that, yes, look, here is the other thing to remind our audience. i think they probably know this. 20, 22% of the s&p are the top four or five names in the nasdaq 100 that we just talked about. and if you want the s&p to go higher, those stocks have to lead you and looks like they want to lead again. >> yeah, it's a difficult carry. you're mentioning trying to go toward lower valued stocks or stocks with lower valuations, i should be more specific. in this kind of market, it's very difficult it's difficult to tear yourself away from the trades that seem to be working and going higher and higher how do you sort of sort that out? you are in some trades you think valuation is getting a little up there? but you're sticking with it, given the market conditions? >> right i'm sticking with it what i am looking to do is maybe

sell some upside calls against some things that have worked and rolling those out if they -- if they go away worthless, because i want to hang on to them, i also have that issue i talk about all the time of what are we going to do sell it and pay the gains and then wait to pick the right time to get out and pick the right time to get back in? the chance of me doing that successfully on one leg, let alone two is practically nil i'll hang on with what i got and sell some upside calls against it if i'm really feeling like the position is getting ahead of itself >> same question to you, guy i do think that a lot of people at home might be struggling with this sort of issue where they feel like the market may be near or fully priced at this point, pricing in a strong reopening, et cetera, and they don't know what to do you don't want to miss out on the action fear of missing out. we haven't talked than in a while. but fomo definitely plays a role here when you have markets at highs and they seem to keep going higher >> listen, i say it all the time

i'm a participant on the show. i'm also an audience member most every single night and i'm one of those people that finds myself scratching my head in terms of the broader market individual stocks i can wrap my head around. the broader market still confuses me. we're going have tom leon on in a minute to describe what he's been seeing and continues to see. in terms of that fear, at a certain point, you have to be in it and then you just have to navigate through i do think certain stocks still a value. you mentioned google but talk about a catapult, for example, which has had a tremendous move over the last year but valuation wise, you can still sort of wrap your head around i think that's what you have to come to grips with and i think that's what the market is trying to deal with now. i add one more name in the tech sector qualcomm on valuation to me makes sense. it had a horrible move to the downside it overshot the levels they thought it would halt, but it seems to be getting off the mat. there are names that on valuation you can still reconcile in this environment. >> all right let's bring tom lee in he says the market rally has only just started. tom the head of research at fund

strat "fast money" friend. he is calling for a face ripper of a rally tom, good to see you face ripper is not a technical term it's a term you're using to describe what we're in what does that mean? what kind of rally is a face ripper rally >> i mean, i think it's a characteristic in a sense that institutions raised almost 200 billion of cash since the start of the year, so they've turned quite cautious, and they've been fading or selling their tech and growth holdings, but they've only just begun to nibble on the stocks you guys are talking about, the epicenter so i think there is a level of surprise coming in april because we already had a strong finish beginning wednesday of last week now it's really three days of strong rallies, and history shows that this is really building up to what could be a, you know, a potentially s&p 4,200 before the end of the month. so something that is both really strong but more importantly quite a big surprise for institutions

>> tom, it's karen thanks for being on, and thanks for getting it pretty much right at every single turn for the last year. let me just ask you. what is the thing that it would most threaten this face ripper rally? >> well, speaking to our clients, and our team is engaged with our institutional clients almost nonstop, there is two things weighing on their minds the first is the fact that there is the growing prevalence of mutations around covid and the lockdowns, and it's their fear that this is going to create another wave in the u.s. and maybe set back the entire opening. and the second is really the talk that even though there is infrastructure plans under way, you're taking it out of the other hand by raising taxes. and i think both personal and corporate are big. >> but obviously as you know, corporate taxes really seems to have some traction in congress >> tom, it's tim sorry. my question for you is around some of the cyclical sectors i

think you like you've talked about energy i know you like oil services is this a structural call, or is this a technical call in terms of underweight dynamics and really where the rotation in this market is going >> it's a bit of both. i think what people are sort of overlooking is energy has a lot of positive characteristics. one is that there is a pretty steep decline in supply coming because there has been so little or nonexistent capital investment so production is going to slow we have yet to see the inflection of demand coming from jet fuel, especially business travel and when that comes on later in the year, that's going to really tighten the market and of course it adjusts through higher price and that's going to raise also the umbrella through ev and battery as ev mandates go up, it's going to raise the price for oil prices and for the stocks, they're almost completely unowned. most of our clients have zero weights in energy, but energy just produced a 30% gain in the

first quarter. in the history of the s&p since 1920, that's only happened seven times where a sector rose 30% in a quarter, in the first quarter, and 100% of the time, so seven out of seven times that sector continued to actually rise through year end the median is 12%. but if you take out technology in 1987, it's more like 15 to 20%. so energy might still have 20% relative performance to the s&p to your end, and that would take its total return to potentially 70% this year. so i think there is still a lot of upside. >> tom, karen mentioned bank earnings coming up we're all watching those, obviously. what are you listening for in terms of the commentary out of some of the bank ceos? >> there is a lot of important things to watch because as you know banks are really the other side of the ledger of the economy. so it's demand for credit. but it's also credit quality i have a feeling a lot of these

banks are going to be talking about really improving visibility and confidence among their customers. and as you know, once ceos become confident, the next wave is mergers i think there is going to be a pretty big wave of mergers around the epicenter stocks. but the other sort of side of the coin for the banks is -- and i think a lot of companies are going to discuss this, they have a really good idea how the rationalize the cost structure because heatwaved that essentially 100% of their employees working from home for the past year. and while it's not going to be appropriate to necessarily reorganize the business today, in the next two years, every single major cyclical company, and even every tech company can rationalize their operational footprint dramatically i think there is still a huge operating leverage story, something we've been writing about. but i think relative to street consensus on 2022, i think a lot of the cyclical groups are 40 to 100% higher on 2022 versus consensus. >> wow tom, the notion of a face ripper

rally this month by the end of this month seemed to me -- i don't want to say -- it seemed like it was going to be sort of this exhaustive move higher. like high volume, in your face i'm wondering what happens what follows a face ripping rally? because that seems to me that that would be the last burst of energy in a bull market. >> there is a possibility. i think if the s&p does in fact rally strongly this month at a time when institutions are sitting on so much cash and there is so much skepticism on this market, we could see a big chase. and that could mark the high for the year i mean, i wouldn't say that's our base case, but, yes, we would have to consolidate these gains because, of course, if you look at the stock, it's going to look like, you know, a space needle or another term for it koreans use. but yes, it would look like a

space needle you have to be very careful. >> space needle. >> we've leave it at that so as not to offend the korean speakers out there tom, always great to see you tom lee. brian kelly, what do you think about the notion of this space needle happening this month? >> well, i'm going stick only to the space needle that would be the stock market and say i think the question you ask is exactly what concerned me, right okay we get this huge exhaustive rally. all the institutions in, all retail is in tom is talking about a face ripper rally now i've got the whole reddit crowd. i've got stocks ripping higher and wait a second, what's next so i do think -- like i said, i'm rather bullish right now but if i'm looking on the horizon, what are the risks? i got the risk that if oil really is in a supply deficit second half of the year, that's going to have some inflationary pressures. i've got the risk that as the supply chain problems come into the economy, you get

inflationary precious. that's why you don't in those situations, you don't want to be long the high multiple stocks because they will get hurt in that situation. so from where i sit, relatively bullish for right now, but an awful lot of risks on the horizon, especially if you see a space needle >> a space needle move of 120 s&p points in the next three weeks, guy carter braxton worth who will be on the show later, often talks about the incremental buyer. if everybody is in as bk said and all the cash comes in from the sidelines, who is the incremental buyer at that point? that's the point where one might get concerned. >> is the space need typical one in toronto or is it in vancouver? >> you just insulted all of seattle. >> omaha >> we've ll leave it at that. >> i'm sure it's lovely. i'm not looking to insult people i'm curious to where it is who is the incremental buyer

the incremental buyer has been what it has been the past five or six years it's passive investing where money flows in regardless of news, headline, earnings, pretty much anything. i think that has been and i think that will continue to be all right. coming up, tesla revving up after posting a record quarter for delivery, but one of our traders is underwhelmed by the stocks wile 15 and out why. plus, four stocks that have been sitting out the rally we'll get the names right after this

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welcome back to "fast money. tesla shares putting the pedal to the medal after they set a record high for deliveries in q1 let's get out to phil lebeau in chicago for the numbers. >> these numbers are far better than people were expecting when they came out on friday morning. for the record, tesla delivered just under 845,000 vehicles in the first quarter. for some perspective, the consensus, and it moved around quite a bit. but the consensus was they were going to deliver about 172, 171,000 vehicles now this sets up the question what will the full year deliveries come in at. the consensus right now, 831,000 vehicles we heard from a number of

analysts today who are raising their estimates. some of them going from 750 up to 800 some now going a little over 800,000. the question is also what's the global ev market looking like. who's tesla facing in terms of competition? last year it led, and it will lead this year as well that's the expectation in terms of ev sales. we're talking pure ev sales. saic is out of china volkswagen not terribly far behind gm down 13th 49,000 pure electric vehicles delivered last year. tesla, gm and volkswagen over the last six months, they've had a heck of a move higher as investors have said yeah, we think these are going to be three of the principle players when we think it comes to pure evs, and that's why these stocks over the last six months have moved higher, in particular when you look at general motors that's really been the move there. speaking of gm, it unveiled the hummer ev suv over the weekend and i know some people have said

well didn't they already show the hummer didn't they show that in the fall what they showed was the sut that is the pickup truck version of hummer, the electric hummer that's coming in 2023. this is the suv version. so they have high hopes for hummer, guys they believe that is one of those vehicles that will differentiate. yes, it has a high price point, but that's the first edition models then it will come down over time starting out at $110,000 and then it comes back down eventually into the high 70s >> all right phil, thank you. phil lebeau. just look at the gains of gm and tesla today. gm actually did better on the unveiling of its suv hummer. karen, what did you make of tesla's price action >> so i actually thought it was kind of underwhelming given what is a very big day in the market. and i understand it wasn't as big a day for stocks that are high flyers, but it sort of makes me think all right, if they put out delivery numbers, which are so crucial to this story, that were as big a beat as they did, i would have expected a lot more of a charge,

no pun intended to the stock from that kind of number because that's been so important to the story you know, it started off higher and it just makes me think all right, what if they start to get -- what if they start to beatly bia little or what if they're just in line all right, expectations may be too high for them as we're starting to see as phil ben low talked about, competition is coming in. maybe not this year, but it's coming in now in short order and so i was sort of underwhelmed by it i have no position, not long, not short. i am long gm happy to see that trade up but still, that differential is absurd we've talked about it many times. >> yeah, and the tesla delivery number, happening in spite of the chip shortage hitting everybody around the world in terms of automakers. and we know it's hitting the ev sector because neo in china faced problems because of this chip shortage. and yet this underwhelming price action happens tim? >> yeah, i'll salute tesla

actually on the fact that they had sequential growth of 2% which is a big yawn except for the rest of the oems were down 15, 16%. so they did all right. the fact that we're talking about competition with tesla and deliveries means i guess it's a car company. i'll leave that for somebody else the gm story much more interesting as you know for me the fact that we're talking about gm putting $27 billion of their cash to work and being rewarded for it where they used to be punished for having cash is why you want to own gm. again, the structurally profitable company very different. trades at the same multiple it did. it's eight times the $7.10 a share it's going to trade at next year. guy says this all the time put just a ten multiple on that, you're easily at a $71 stock i think the point is that the ev story should be putting a much bigger multiple on this. this car makes money now and in the future >> well, i'll go to bk on the question of whether it's a car company right now. because bk, for a long time

you've said it's a technology company. is it now a car company? >> right. >> if it's a car company, isn't that a problem for the multiple? well, right. i think it's hilarious that it trades on deliveries at all. i was also told it was a bitcoin proxy a couple of weeks back, you know the dubble bubble, all of these things with tesla. for you to even justify any of what the price move and valuation, so-called valuation and tesla, you to buy into the story that it is a tech company. it is part of decarbonizing the electric grid, that they're going get into the electric taxi market they're going do all of these things that's the only way you can justify. this now, if you think that's going to happen and they're going to be a big part of each of those sectors over the next five years, have at it, get into tesla. but i would agree with karen that good news and mediocre price action, i don't know if it's an immediate sell signal, but it is certainly a red flag

of huh, i wonder if there is some exhaustion in this, and can they cross that chasm between now and when they do get all these other projects up and running. >> all right we are just getting started here on "fast money." here is what's coming up next. >> it's a bird, it's a plane no, it's bitcoin and with crypto's rally continuing to attract attention, we're talking with the ceo of the world's biggest digital asset manager about his plans to launch a new bitcoin etf plus, a tale of two commodities. why a strange divergence between copper and oil could be a warning sign for stocks. we've got that and much more when "fast money" returns.

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welcome back to "fast money. stocks ripping higher today. all three major indices closing in the green with the dow and s&p 500 closing at new records but not everyone has come along for the ride our next guest has a couple of names that could be poised for their very own rally very soon carter is here to chart them out. carter, take it away >> sure. most stocks are in steady uptrends then stocks a little too steep, things like a plug power or viacom they both dropped the exact same amount plug power dropped 60. viacom dropped 59. so as opposed to a steady upcome or vulnerable extended through the roof uptrend, there are stocks from time to time that have been biding their time. and that was the effort this written report, and that's the intention right here i'm going look at four and here we go first chart. this is wayfair. it's optically very clear. it doesn't have to break out

that's the arrow that i've drawn. that's the judgment made but the point is it's the exact same price it was in september right? an online retailer of furniture. $34 million market cap look at the next chart you can't tell the difference. it's moody's what does a credit agency have toe do with online sofas nothing. this is an asset that is toying with the prospects of breaking out from a range as the market has gone higher and higher next one, masco. again, nothing to do with a rating agency and nothing to do with online furniture. masco is building products it's the exact same chart. they don't have to break out the judgment is they will. when you do have a lot of things that are extended you can trim and put money back to work in things that have been quiet. final chart. prologis, a reit nothing to do with wayfair, moody's, et cetera 80 billion in market cap but the principle is the same.

we know what happened to very extended stocks. in the month of march, nike had a 14% drawdown jefferies, an investment bank, midsized, 13 exxon, 12. or plug power or viac down 60 plus minus each. the point is at certain moments, you can pull a little back from something extended and find something that is poised to pop. these four, among others i think are excellent for just that. >> carter, thank you carter braxton worth at cornerstone macro. which of these names, which ones, guy, do you like and another answer could be none of the above >> no, no, no, i'll play the game correctly because none of the above is a cop-out i think tim a couple weeks ago, i think if i'm not mistaken, wayfair he mentioned on his final trade. that stock has been a rocket ship i like wayfair here's what concerns me. it traded basically up to the levels that carter mentioned the august of 2020 high, 360-ish big down day today

i still think he can get it off the mat. but watch the potential for a double top that said, you've had some upgrades in the name i think valuation, believe it or not, is reasonable given their last earnings which saw revenue up 45% year-over-year. and oh, by the way, the founder steve conine is a delbarton grad just to throw it in there. >> delbarton trivia every night on "fast money." tim seymour, which names do you like >> guys talked about wayfair and i'll go masco. look, they've spun off less profitable parts of their business they're in a tremendous part of the building space and materials space and a space i think has just begun to run. this is a stock that actually has not necessarily caught the same legs that straight resource plays, whether it's a freeport or a u.s. steel. so like masco. like the multiple. like the change in the business. the company is being run for free cash flow and that's part of the exciting story for investors. all right. coming up, a trader triple play.

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welcome back to "fast money. we're winding up triple play first off norwegian cruise lines sailing up more than 7% today after the company submitted a plan to the cdc to potentially set sail on independence day frank del rio will join jim at the top of the hour on "mad money" with much more. part of the reopening requiring all passengers or guests as they like the call them and crewmembers to have vaccines tim, this looks like a path forward at least for this group. >> well, it's more aggressive than the rest of the industry, which is why they're actually getting applauded by the analyst community for making this move what the cdc does is another story. but in terms of overshoot to the upside, as i said, the overshoot to the downside should be mirrored by an overshoot to the upside not only in demand, but i think in stock price and we've seen this with airline stocks that really at this point relative to the earnings power and their eps with a larger eb than before. it's similar with the cruise

lines. the valuation is not going to be the same story for those that raised a lot of money. >> yeah, in terms of being aggressive, that may be the name of the game, because they're also saying that they're going to start off with limited capacity, 60%, and increase that by 20% i think after every 30 days so they'll be at full capacity it sounds like by the end of the year potentially, brian kelly. >> yeah. i mean, listen, the demand is absolutely there this is just a question of being able to open up again in a sense and get these ships off the dock there is no questions demand is there. if you look at all the other cruise ships, whenever they've done a test trip or anything like that, people want to go there. and in general, people are just done they want to go out. they want to good on vacation. they want to go see things i think that's what you're seeing here. >> all right next up, shares of gamestop sinking has much as 14% before clawing back some of the losses. saying it would sell $1 billion worth of stock karen, i guess they're listening to you

>> i mean, of course they should sell -- at least $1 billion worth of stock i got to say the stock closed down $4.50 which is really nothing. however, as a value investor, i mean, this isn't just in the stratosphere i mean, i don't want to say nothing to see here because there is tons to see here. but i wouldn't be long and we've seen what happens if you're short and you get in front of the reddit crowd. so i wouldn't do that either i just wouldn't play one thing i am looking for is i wonder when or if at some point ryan would ever sell shares. he made an absolute fortune on it it was brilliant i'm guessing when he got in at 10 or wherever the level was, he wasn't thinking 187. maybe he was thinking it could be worth 50. i don't know so that would be interesting if we ever saw him sell stock either way, i'm neither long nor short. just a voyeur watching the show. >> all right and lastly, shares of amc soaring more than 13% after

getting a boost by b. riley securities upping its price from $7 to $13 a share. analysts saying the blowout box office of "godzilla versus kong" could point to' resurgence for movie theaters and by the way, this movie got the blessing of elon musk who tweeted about it and said that it was amaze, i think that's the word he used bk. >> yeah, that's what the youngsters say, it's amaze and they put a little fire emoji and stuff like that on it. but the point is actually, again, people want to go it. and bk did a little reconnaissance this weekend. he was driving around, saw all kinds of people at movie theaters i was shocked. these parking lots have been empty. and all of the sudden it's like a light switch turned on everybody said we're heading out. now what's interesting about this particular upgrade and this movie, it was also available online i think you could get it on hbo max. so this tells you that people are ready to go out and slowly, particularly as we get more

vaccines, people are going to feel more comfortable, and they're going to want to see more godzilla and some more kong all right we have a market flash on a few stocks making big moves in the after market session. josh lipton has the story. josh >> so melissa, bloomberg and our own david faber reporting that credit suisse is offering viacom cbc and far fetch blocks saying credit suisse is trying to unload more of its holdings. he says 34 million shares of viacomcbs. 14 million shares of vipshop and 11 million shares of far fetch blocks that's according to traders. melissa, back to you >> thank you so much, josh we know viacom 34 million shares as well. the price of viacom 41 to 42.75. far fetch 47.50 to 49.25 we have that pricing available

as well. tim seymour, this is interesting here in terms of the fallout continuing even weeks afterwards >> relentless. and it just shows where the street -- also, we questioned who really had the most risk and who of the bankers or the broker dealers were most exposed. and credit suisse still unloading inventory. it's interesting to me especially in the asia tech space the weakness we've seen throughout the asia tech space, this is still the same reverberation sfaras far as i'm concerned. there is a lot of heaviness in the names there is a handful on the asia tech side that are great fundamental stories, but i think you can wait and see when this works its way through don't see it on this current block list but it wouldn't surprise in if there is still plenty of supply out there. coming up, a crude clollaps, the details ahead. grayscale saying it is 100% committed to converting its

flagship coin trust into an etf. stick around for michael sonnenshein and more "fast money" too never stopped. ♪ and found solutions that kept them going. ♪ at u.s. bank, we can help you adapt and evolve your business, no matter what you're facing. because when you close the gap, a world of possibility opens. ♪ u.s. bank. we'll get there together. ♪

welcome back to "fast money. some big buzz on bitcoin today

after grayscale announced plans to convert its popular bitcoin trust into an etf. grayscale's bitcoin trust is more than $30 billion in assets under management is that more than 65 year to date, but it has trailed bitcoin this year. joining us is grayscale ceo michael sonnenshein. michael, great to have you with us >> thanks for having me. >> you said that in the life scale of all the products this was going to be the eventual next step, converting this trust into an etf. i wonder from a business perspective what happens to that 2% management fee that you collect on tbc whenever it does convert, whenever the regulators give you the go ahead. >> well, we put out this announcement today, melissa, to really ensure that investor nose that we're committed to converting gbtc into an etf. we've obviously seen these compressed etf market when there is competing offerings out there, and we likely feel that the same will happen when bitcoin etfs become a reality. we say when an etf does happen,

and gbtc does convert, you'll also see the fee come down as well do >> you think that the impact of the launches of other etfs have already played out in terms of the price action of gbtc what was noteworthy to me is when the purpose investments etf launched in north america, which the first north american bitcoin testify in mid-februaryish, gbtc started trading at a discount and has traded every single day at net asset value from march 1st through april 1st or so. so are we seeing that sort of premium of the choosivity of being the only bitcoin out there starting to come out right now >> we're exceedingly encouraged by the number of access points that investors really have to bitcoin, whether it's additional funds or products, whether it's incumbent in financial services player coming into the market, this has long been our business model and our belief

and at grayscale, we never really wavered from wanting to make sure that investors really had access to cryptocurrencys in the form of a security and so we're at a stage now where the market is maturing, incumbents are coming into play, and it's really important that we get all of these elements as we build the infrastructure around the asset class correctly, and we ultimately believe a rising tide lifts all boats hee. >> i'm sorry, brian has a question, and he'll jump in just a second, michael. >> yeah. >> it sounds that gbtc should trade at asset value like other etfs do? >> well, this is a pioneering product. >> right. >> when we launched it in 2013, there was no ability for investors to have this kind of exposure we were the first to bring a bitcoin investment vehicle to the public market in 2015, and then in 2020 we became the first digital currency instrument to become an s.e.c. reporting company. and so today it's the largest bitcoin fund in the world, and really has the track record and the longevity of operational

success that has kept it as a highly liquid instrument and one of the preferred ways many investors get their bitcoin play >> hey, michael, it's bk so i'm curious why now, right so i hear a lot of bigger investors saying oh, there is going to bea regulatory pushback on bitcoin. but then you, fidelity, many others are relaunching or saying we're going to have this etf what are you seeing? what are you hearing is a friendlier s.e.c. the reason why we're seeing so much activity in the etf space? >> it would be tough to comment on why, you know, other folks are wanting to move forward with bitcoin etfs other than that clearly in the investment community, and you know this as well as anyone, bk people are excited about bitcoin and they know that bitcoin is here to stay for grayscale, though, this is nothing new. our announcement today really just trails on what we've been working on you know, we first started working with the s.e.c. in 2016

and spent the better part of 2017 in registration for us this is just a reminder to the investment community of our commitment to making sure this does eventually convert to an etf >> michael, great to speak with you. hope you'll keep us boasted on this. >> will do thanks for having me >> michael sonnenshein of grayscale. brian kelly, let's say you're out there and you're observing the gbtc had historically to itself traded at a premium to net asset value. you bought wind it was trading at a severe discount at asset value thinking it would go up. it has gone up what would you do with your gains now? >> well, i think if there is a couple of things here, right one of the reasons why the gbtc had such tremendous growth, there was that arm so you had a lot of money coming in, buying the gbt cnet asset value and holding it for a year or six months. i think some of that is going to unwind at this point in time so if you're in that position,

you're saying hey, listen, i was in it. i've done very well. i'll unwind that but i happen to still be very bullish on bitcoin so i don't think there is any reason why if you still have that view, you just constant stay where you >> all right coming up, a tale of two commodities. copper breaking out. crude tanking. what the divergence means and how you should play it that ahead when "fast money" returns. lately, it's been hard to think about the future. but thinking about the future, is human nature. at edward jones, our 19,000 financial advisors

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welcome back to "fast money. it was a tale of two commodities today as a wild divergence broke out between copper and crude oil. oil's underperformance particularly interesting as the opening trade seemed to be rallying in full force so what was going on tim, you flagged this. >> well, i think you have a combination of a bit of a hangover coming out of the opec meeting where expectations were you would get another surprise on outputs so holding on to the cuts and some expectation that you could see a little more cohesion between opec plus, plus being the other u.s. bloc. i think the dynamics around copper are really what they are. first of all, copper traded around 430 earlier in the year before pulling back.

and we're essentially at ten-year highs supply demand fundamentals in the copper space should send the elemental higher i think ultimately again, copper is going to be indicative of what we're seeing with the industrial economy supply demand dynamics in oil are still to be watch and not necessarily as bully >> guy, what did you think of the divergence >> it makes sense if you think about it to tim's point, mcmoran within a whisper of a high. there is no reason to think it can't trade to the levels we saw in 2011 which for ftx was in the mid 50s or so. in terms of energy, taking some of the wind out of the sails of the commodity has taken wind out of the sails of levered names. i know a name like psx fellowship 66, we thought for a long time it would get up to last june's high of 88, 89 that's what's happened it's pulled back about 10% there is probably further room

but that's not to suggest that this move is over, just taking a breather i think if you wanted to play the would you rather game, copper still makes a lot of sense, despite the move we've seen. >> i didn't. but what's done is done. despite today's pullback, plenty of options traders are betting one big name in the energy space could be due for a big rebound let's bring in mike khouw with the action >> taking a look at marathon petroleum, mpc we saw calls outpacing puts by almost 4-1 on 2 and a half times volume the may 57 1/2 calls, over 4,000 of those trade for about $2. and two things to keep an eye on the march highs which were about 58 bucks and earnings which are coming up on may 4th this is going to capture that and looks like it's targeting those highs. so there is bullish activity going on at mpc today despite the pullback >> thanks for that, mike khouw for more "options action," turn into the full show we are back this friday 5:30

p.m. eastern time. coming up next, we've got your final trade

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it is time for the final trade. let's go around the horn s tim seymour? >> industrial transports may be some of the best out there fed ex is making another run at 300. fed ex, i'm long >> karen finerman? >> yeah, so even with this market run-up, i think all right, what would i buy more of? i come up with whirlpool should it be at an all-time high and still not expensive. whirlpool. >> and of course that was a tim seymour fast pitch not too long ago. brian kelly, what do you say >> well, for me, i'm going to go a little outer space here and virgin galactic. if you're going to get this face-ripping rally and really frothiness. >> gonzaga completes the perfect season. >> i told you all the way. i told you weeks ago at the

start of march madness gonzaga all the way. that was my call >> i know. i know >> nice job. >> it's incredible what you do >> it's amazing, right >> oracle, all-time high orcl >> all right thank you all for watching "fast money. see you back here tomorrow at 5:00 meantime, don't go anywhere. "mad money" with jim cramer starts right now my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends, i'm just trying to make you money. my job is not to just make you money but educate and teach you. call me or tweet me @jimcramer what do you do with no inflation coupled with an asto