Grayscale Bitcoin Trust (GBTC) in Focus As Bitcoin Hits $28K

Bitcoin, the world’s biggest cryptocurrency by market cap, has been on a remarkable run in recent weeks and last week, it managed to go past the $28,000 per token level.

The strength in the rally has also resulted in significant gains in the Grayscale Bitcoin Trust (OTCMKTS: GBTC) as more and more investors are not looking to get exposure to Bitcoin. Since Bitcoin is the underlying asset in the fund, the stock price often mirrors the trajectory of the cryptocurrency.

Over the course of the past two weeks, the Grayscale stock has gone up by as much as 50% as investors piled on to the stock. Buying stock in Grayscale is one of the most popular ways of gaining exposure to Bitcoin and as of December 18, the trust held as many as 572,000 tokens. At the end of 2017, when Bitcoin really took off and hit $20,000, Grayscale held 261,000 Bitcoin tokens.