Grayscale Bitcoin Trust (GBTC) Shares Soars By Over 11% As BTC Continues to Rise to New 2019 Highs


Grayscale Bitcoin Trust [GBTC] experiences a 11 percent growth within 24 hours reports news outlet, UT on Friday, June 21. This growth is said to be positively correlated with Bitcoin [BTC]’s prices, as the giant crypto continues on its way up.

What does this mean for investors? A number of things, which are mostly positive. It has been argued that this reflects an increase in demand for Bitcoin, not only among traders and supporters but possibly from institutional investors.

The latter is a big deal considering the several months such investors have been sitting on the sidelines for to ensure cryptocurrencies are truly regarded as an investment.

The news outlet further shared Fundstrat CEO, Tom Lee’s prediction that Grayscale would see profits, which has evidently become true.

Another indicator of growth has been revealed in terms of the actual numbers seen within Grayscale’s BTC trust. In particular, it has been shared that at the end of May, when BTC was sitting at its $8,500 mark, GBTC was trading at over 35% NAV (net asset value) premium – i.e. buying and selling occurs at roughly $11,475 instead.

The Grayscale team has also taken to their Twitter to share yesterday’s updates in relation to the holdings per share and net assets under management for every product they current offer. Here’s a snippet of what was shared:

As seen above, most products have witnessed a positive change within the day, with the exception of the Grayscale Horizen Trust, which saw a 3.6 percent drop. Combined, all products witnessed a total change of a little under 5% along with the sum of investments managed by Grayscale amounting to $2.3 billion.

Bitcoin’s price is $57,148.99 BTC/USD exchange rate today. The real-time BTC market cap of $1.07 Trillion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $26.34 Billion and live coin value change of BTC -0.32 in the last 24 hours.

Live Bitcoin (BTC) Price:

1 BTC/USD =$57,148.9852 change ~ -0.32%

Coin Market Cap

$1.07 Trillion

24 Hour Volume

$26.34 Billion

24 Hour VWAP

$56.54 K

24 Hour Change

$-181.10

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