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Grayscale Bitcoin Trust

<p>The post <a rel="nofollow" href="https://coinpedia.org/news/grayscale-bitcoin-trust-shines-bright-a-220-gain-in-2023-outpacing-nvidia/">Grayscale Bitcoin Trust (GBTC) Soars with 220% Gain in 2023; Nvidia Left Behind</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> <iframe style="border-radius:12px" src="https://open.spotify.com/embed/episode/0ZTtZZht8BroTid85Qnxv6?utm_source=generator" width="100%" height="80" frameborder="0" allowfullscreen allow="autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture" loading="lazy"></iframe> 
<p>In a year that kicked off with doubts surrounding cryptocurrencies, those who backed Grayscale Investment’s Bitcoin trust (GBTC) have reaped substantial rewards. <a href="https://coinpedia.org/crypto-live-news/grayscale-makes-new-filing-to-convert-gbtc-into-bitcoin-etf-with-sec/">GBTC shares</a> have surged by a remarkable 220% in 2023, reaching an impressive $26.79.</p> 
<p>This performance has surpassed even <a href="https://www.slickcharts.com/sp500/performance">Nvidia Corp (NVDA)</a>, which is the best-performing S&amp;P 500 stock and has seen a 198% increase.</p> 
<h2 class="wp-block-heading" id="gbtc-s-growth">GBTC’s Growth </h2> 
<p>The surge in GBTC shares is closely tied to the growing optimism surrounding the transformation of the <a href="https://coinpedia.org/news/u-s-appeals-court-orders-sec-to-review-grayscales-bitcoin-etf-application/">Grayscale Bitcoin Trust</a> into an open-ended exchange-traded fund (ETF) solely dedicated to Bitcoin. As this optimism continues to gain ground, the gap between GBTC’s share price and the trust’s net-asset value (NAV) has significantly narrowed, shrinking from a hefty 46% to a mere 13% this year.</p> 
<p>Investors have been adopting a dual strategy, purchasing GBTC shares while concurrently offloading Bitcoin in the spot/futures market. This tactic serves as a safeguard against potential losses. If the conversion garners the coveted approval, market makers are poised to align the price with NAV.</p> 
<h2 class="wp-block-heading" id="the-market-is-bullish">The Market is Bullish </h2> 
<p>Market experts and analysts are exuberant, recognizing the merits of GBTC as a long-term investment. As the discount continues to shrink and the likelihood of the SEC greenlighting the ETF conversion surges, the value of GBTC may continue its upward trajectory.</p> 
<p>The growing probability of the SEC granting <a href="https://coinpedia.org/price-analysis/bitcoin-price-might-really-to-150k-350k-amidst-bitcoin-halving-and-spot-etf-approval/">ETF approval</a> may prompt traders to reevaluate their tactics. This, in turn, could alleviate the selling pressure on Bitcoin, lending support to the cryptocurrency.</p> 
<p>Also Read: <a href="https://coinpedia.org/bitcoin/btc-price-hit-30k-peter-schiff-questions-gbtcs-impact-on-bitcoins-rally/">BTC Price Hit $30K, Peter Schiff Questions GBTC’s Impact on Bitcoin’s Rally</a></p> 
<h2 class="wp-block-heading" id="h-hopeful-for-a-bright-future">Hopeful for a Bright Future </h2> 
<p>The anticipation of several <a href="https://coinpedia.org/news/grayscales-victory-against-sec-sends-bitcoin-prices-soaring/">spot-based ETF approvals</a> early next year has also been boosting Bitcoin’s value. Many expect Bitcoin to reach $50,000 and beyond once these ETFs get approved. However, the increasing financialization of the market may introduce new selling pressures.</p> 
<p>Investors and market watchers are keeping a close watch on the SEC and any regulatory developments that could impact cryptocurrency investments.</p> 
<p>Read More: <a href="https://coinpedia.org/news/secs-decision-on-bitcoin-etf-approval-john-deaton-shares-two-possible-scenarios-2/">SEC’s Decision on Bitcoin ETF Approval: John Deaton Shares Two Possible Scenarios</a></p> 
<p><strong>It just goes to show – those who do their research and take calculated decisions are likely to profit greatly! Such is the power of the market. </strong></p>

Grayscale Bitcoin Trust (GBTC) Soars with 220% Gain in 2023; Nvidia Left Behind

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