GBTC Outperforms Nvidia Since Start of 2023, Gaining 220%
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GBTC Outperforms Nvidia Since Start of 2023, Gaining 220%

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Created 5mo ago, last updated 5mo ago

Grayscale Bitcoin Trust (GBTC) investors who purchased shares in early January have enjoyed significant returns, with GBTC shares increasing 220% to $26.79 this year.

GBTC Outperforms Nvidia Since Start of 2023, Gaining 220%
Grayscale Bitcoin Trust (GBTC) investors who purchased shares in early January have enjoyed significant returns, with GBTC shares increasing 220% to $26.79 this year, exceeding both the S&P 500 and Bitcoin (BTC) itself.
This increase coincides with expectations that the Securities and Exchange Commission (SEC) will approve the applications for spot Bitcoin ETFs, and potentially the conversion of GBTC into an open-ended exchange-traded fund (ETF) that invests in Bitcoin.

The gain in GBTC has been aided by the lowering of the discount in GBTC shares relative to the trust's net asset value (NAV). Traders have been buying GBTC shares while selling Bitcoin in the spot/futures market to hedge downside risk. Market makers will return the price to the net asset value (NAV) after the conversion is approved.

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