I dont think anyone is able to sell yet. Otherwise someone already wouldve arbitraged that, its a huge difference.
It seems so. I had interpreted something I had read from Silbert incorrectly. (I interpreted it as being up to the individual holders, but live)http://www.coindesk.com/bitcoin-investment-trust-grayscale-launch/
"While certain eligible owners of BIT shares will be able to start trading as soon as next week, Sonnenshein stressed that Grayscale can't predict exactly when this process will begin.
"What is going to be traded are existing shares and those shares are owned by people who have owned them for longer than a year. Having owned them longer than a year, that means they no longer have a restriction on them, but shareholders have to elect to sell those shares," Sonnenshein explained."