Bitcoin Investment Trust's Premium Has Exploded
Speculators are paying high prices to bet on bitcoin. At the market close on Tuesday, Bitcoin Investment Trust (NASDAQOTH: GBTC) traded at a price 101.6% higher than the actual market value of the bitcoin it holds.
That's not a misprint. Shares ended Tuesday at $832.99, even though the value of the bitcoin backing the trust was valued at just $413.16 per share on bitcoin exchanges.
Over the 28 months or so of its existence as an over-the-counter stock, Bitcoin Investment Trust has closed at a premium to net asset value on 589 days. Only once has it traded for a discount: It happened back in 2015, when the closing price valued the trust at a microscopic 0.1% discount to the underlying value of its bitcoin.
Source: Fool.com
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