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Grayscale Bitcoin Trust (OTCMKTS:GBTC) Gains Popularity As Bitcoin Enters The Breakout Zone 

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Over the years, Grayscale Bitcoin Trust (OTCMKTS:GBTC) has become quite popular, and must of that is due to the growing popularity of Bitcoin as well as other cryptocurrencies. One of the more popular ones that has been created in recent times is that Grayscale Bitcoin Trust (GBTC) and has seen the price of its shares climb this week by as much as 12% so far.

Bitcoin Breaks Above $10K Mark

This spike comes close in the heels of the news that the GBTC’s manager has registered with the Securities and Exchange Commission in order to make a private placement of its shares.

In this regard, it is also necessary to note that GBTC is the oldest such trust in existence, and the value of its share is directly linked to that of Bitcoin. Hence, with the rise in the price of Bitcoin this year, the price of GBTC shares have also soared.

At the beginning of the year, the shares were trading at only $7.98, but since then, it has mirrored the Bitcoin price, and on February 13, it hit $13.55. That being said, interested investors should also keep in mind that the GBTC shares are trading at a premium in the 20% to 30% range when compared to its spot price.

Bitcoin stocks

It is a passive investment vehicle and allows investors to have exposure to the world’s biggest cryptocurrency through a traditional channel. In this regard, it is also important to point out that there was a landmark development with regards to GBTC back in January. In January, the trust got the distinction of becoming the first investment vehicle of its kind to report to the SEC.

No other digital currency investment vehicle is an SEC reporting company at this point. Investors who already hold shares in GBTC or are going to buy will be able to enjoy a reduced statutory holding period of 6 months. Earlier, that period had been fixed at 12 months. This move is also expected to make GBTC shares far more liquid. In addition to that, GBTC will also post its quarterly and annual reports. Sign-up below for continuing coverage on shares of $GBTC stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

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