Grayscale Investments’ Bitcoin Trust (GBTC) appreciates 300% in just a year
- Bitcoin Trust had gone up 296% by July 9, 2019.
- Bitcoin Trust buys BTC directly and “trades its shares on the over-the-counter (OTC) exchange OTCQX.
A report by the Wall Street Journal (WSJ) indicates that the digital asset management fund Grayscale Investments’ Bitcoin Trust (GBTC) has appreciated nearly 300% in the last year. The report was published by WSJ but is originally developed by Morningstar.
According to the report, the Bitcoin Trust had gone up 296% by July 9. The massive gain is like no other when compared to other mainstream investment among the S&P 500 as well as Global Dow which went up 18.7% and 12.9% respectively in the same year.
Bitcoin Trust buys BTC directly and “trades its shares on the over-the-counter (OTC) exchange OTCQX, as the report noted at the time,” as written by Cointelegraph. The report by WSJ says that the current spike is not a shock as GBTC shot up 1,391.44% during the parabolic rally in 2017.
In a recent report by Grayscale parent company to WSJ, GBTC’s assets by June 28 were worth $2.56 billion. This amount makes the biggest chunk of the $2.69 billion Digital Currency Group Inc. total assets.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
