Grayscale Bitcoin Trust (GBTC) stock Pulls back From The Peak: What Next?

Over the course of the past three months, the Grayscale Bitcoin Trust (OTCMKTS:GBTC) stock has been trading at a discount of as much as 20%. On Tuesday this week, the discount hit as much as 20.48%.

Grayscale Bitcoin Trust (GBTC) stock Pulls back From The Peak: What Next?

The data indicates that the stock price of the company is lower than 20% when compared to the net asset value. There are many factors behind this state of affairs with regards to the Grayscale Bitcoin Trust stock and one of those was the emergence of new products like Bitcoin ETFs (exchange traded funds).

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However, in this regard, it is also necessary to point out that Digital Capital Group, the parent company of Grayscale, is planning to buy Grayscale Bitcoin Trust shares worth as much as $500 million. Digital Capital Group has acquired shares worth as much as $193.5 million up until April 30. It now remains to be seen if the stock can actually stage a recovery over the coming weeks.

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.