Grayscale Bitcoin Trust (Btc) (GBTC) Turns Bullish As Crypto Goes Wild

In recent weeks Bitcoin has been in the middle of a historic rally and went on to touch $40000. Hence, it has not come as a complete surprise that the Grayscale Bitcoin Trust (OTC: GBTC) has also rallied strongly during that period.

Over the course of the past two months, the GBTC stock has gone up by 250% as investors scrambled to find an easy way to invest in the world’s biggest cryptocurrency by market capitalization.

The underlying asset in the fund is Bitcoin and hence, the rise in its stock price is understandable. More importantly, banking behemoth J.P. Morgan stated earlier this month that GBTC’s activities are one of the major reasons behind the rally in Bitcoin.

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Currently, GBTC is valued at $18 billion and manages total funds to the tune of as much as $13.1 billion. If Bitcoin continues to surge, it will be interesting to see how the GBTC stock performs.

In recent weeks Bitcoin has been in the middle of a historic rally and went on to touch $40000. Hence, it has not come as a complete surprise that the Grayscale Bitcoin Trust (GBTC) stock has also rallied strongly during that period. Over the course of the past two months, the GBTC stock has gone up as much as 250% as investors scrambled to find an easy way to invest in the world’s biggest cryptocurrency by market capitalization.

The underlying asset in the fund is Bitcoin and hence, the rise in its stock price is understandable. More importantly, banking behemoth J.P. Morgan stated earlier this month that GBTC’s activities are one of the major reasons behind the rally in Bitcoin. Currently, GBTC is valued at $18 billion and manages total funds to the tune of as much as $13.1 billion. If Bitcoin continues to surge, it will be interesting to see how the GBTC stock performs.

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Michael Rowels

Weekend Contributor. Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.