Geometry Dash APK Hill Climb Racing APK
59.4 F
New York
Thursday, October 21, 2021

Grayscale Bitcoin Trust (Btc) (GBTC) Makes Big Move As Bitcoin Goes Wild

Must read

Bombardier, Inc. (OTCMKTS:BDRBF) Continues to Gain Momentum and Strength

Many stocks have managed to record significant gains in recent months and one that often flies under the radar is Bombardier,...

Voyager Digital Ltd (OTCMKTS:VYGVF) Hits All-Time High on Download News

The remarkable rally enjoyed by several crypto assets over the course of the past months has also resulted in an increased demand...

Solar Integrated Roofing Corp (OTCMKTS:SIRC) Surges Higher On Sector Strength

The Solar Integrated Roofing Corp (OTCMKTS:SIRC) stock has come into sharp focus among investors and on Wednesday, the stock made significant gains...

Greene Concepts (OTCMKTS:INKW) Hits New High: Soars 500% in a 2-Week Span

It is a well-known fact that one of the best ways of going about investing in stocks is...

Bitcoin, the world’s biggest cryptocurrency by market cap, has been in the middle of a remarkable rally for the past few months and on Monday it rocketed past the $47,000 per coin mark.

Key Reasons

However, the continued rise in Bitcoin has also resulted in strong rallies in the Grayscale Bitcoin Trust (Btc) (OTCMKTS:GBTC) stock. Following the latest rally in Bitcoin, the Grayscale Bitcoin Trust stock went up by as much as 20%.

In this regard, it should be noted that since the underlying asset in the trust is Bitcoin, it is only natural for its stock price to rise in accordance with the rise in the price of the cryptocurrency.

In this regard, it is also necessary to note that experts believe that the biggest trigger for the rally in Bitcoin was a revelation from electric vehicle manufacturing giant Tesla. The company revealed in a filing that it bought $1.5 billion worth of Bitcoin and that brought more investors flocking to the cryptocurrency.

On the other hand, there was a major announcement last week that may have been one of the factors behind the rally in the Grayscale Bitcoin Trust stock. The announcement in question came from the Miller Value Funds, which is run by the billionaire hedge fund manager Bill Miller.

It was announced that the Miller Value Funds might invest in the Grayscale Bitcoin Trust through Miller Opportunity Trust, a flagship fund. In the announcement, it was noted that the fund is looking to get into Grayscale Bitcoin Trust in order to gain further exposure to Bitcoin.

However, at the same time, it was also pointed out that the total exposure to Bitcoin is not going to be more than 15% of the total assets. At this point, the total assets in the fund are valued at $2.25 billion.

However, it cannot be denied that such an announcement from a fund managed by a Bitcoin bull-like Bill Miller can only be a good thing for Grayscale.

Disclaimer: We hold no shares of GBTC stock.

Latest article

88 Energy Ltd (OTCMKTS:EEENF) Stock Surges 40% But Can’t Hold Gains

The oil and gas company 88 Energy Ltd (OTCMKTS:EEENF) seems to have come back on to the radars of investors over the...

Net Savings Link Inc (OTCMKTS:NSAV) Stock is Getting Pummeled Again

Nowadays there are plenty of options for investors when it comes to making investments in the cryptocurrency and...

Net Savings Link Inc (OTCMKTS:NSAV) Goes Parabolic Ahead of Important Event

As far as cryptocurrency and blockchain companies are concerned, there are many options nowadays for investors to explore.

Dark Pulse Inc (OTCMKTS:DPLS) Stock Moves in a Range After The Big Rally

The laser sensing system company Dark Pulse Inc (OTCMKTS:DPLS) has emerged as one of the major gainers over the course of the...

Halberd Corporation (OTCMKTS:HALB) Stock Doubles After ‘Proof of Concept’ News

Investors are always on the lookout for stocks which managed to record handsome gains over a short of period of time and...
Şehirler arası nakliyat ve Şehirler arası taşımacılık konusunda en uygun fiyatlar ve en kaliteli hizmet.
ofis taşıma firmaları ve ofis taşıma konusunda en uygun fiyatlar ve en kaliteli hizmet.
SmsVerifyer.com Affordable best sms verification service