Streetbeat News

GBTC

Grayscale Bitcoin Trust ETF (BTC)

https://grayscale.co/bitcoin-investment-trust/#overview

Industry

Asset Management - Cryptocurrency

The trust's Bitcoins are carried, for financial statement purposes, at fair value as required by U.S. generally accepted accounting principles ("GAAP"). The trust determines the fair value of Bitcoins based on the price provided by the Digital Asset Market that the trust considers its principal market as of 4:00 p.m., New York time, on the valuation date.

Open

N/A

Mkt cap

N/A

Volume

N/A

High

N/A

P/E Ratio

N/A

52-wk high

N/A

Low

N/A

Div yield

N/A

52-wk low

N/A

Kevin O'Leary, known from 'Shark Tank', has expressed skepticism about Bitcoin ETFs, citing concerns over the fees charged by issuers and doubting the survival of all 11 recently SEC-approved Bitcoin ETFs. He believes only ETFs from large firms like Fidelity and BlackRock Inc. (NYSE:BLK) will succeed. O'Leary also disagreed with Cathie Wood's prediction of Bitcoin reaching $1.5 million by 2030, unless an economic disaster occurs. He estimates Bitcoin could reach $150,000-$250,000 by 2030. Despite his doubts, he acknowledges the importance of regulatory approval for the crypto industry's progress.

Portfolio Pulse from Rounak Jain

January 13, 2024 | 4:07 am

The SEC approved spot Bitcoin ETFs, with significant inflows on their debut. Inflation rose to 3.4%, potentially affecting Fed policies. JPMorgan, Bank of America, Wells Fargo, and Citigroup reported mixed financial results. A study predicts a $1-trillion boost from generative AI, while Google's layoffs cause concern. Microsoft briefly overtook Apple as the most valuable company, and Tesla cut prices in China to boost competitiveness.

Portfolio Pulse from Piero Cingari

January 12, 2024 | 9:36 pm

The SEC's approval of 11 spot Bitcoin ETFs, including the Grayscale Spot Bitcoin ETF (GBTC), has provided traditional finance with direct Bitcoin exposure. Bitcoin, Ethereum, and Dogecoin experienced price movements following the approval, with Bitcoin nearing $50,000 before dropping 5%, Ethereum reaching a 20-month high before a 4.5% drop, and Dogecoin continuing a downtrend. The short-term price action for these cryptocurrencies is uncertain, with potential bullish and bearish scenarios outlined based on technical indicators.

Portfolio Pulse from Melanie Schaffer

January 12, 2024 | 7:56 pm

The U.S. launch of spot Bitcoin ETFs saw $4.5 billion in trading volumes on the first day, with significant contributions from Grayscale Bitcoin Trust (GBTC) and BlackRock's new iShares Bitcoin Trust (IBIT). Grayscale's conversion to an ETF and BlackRock's entry into the market marked notable events, but the true measure of new capital inflows remains uncertain. Vanguard's boycott of ETFs contrasts with the market's positive response to these new cryptocurrency investment vehicles.

Portfolio Pulse from Murtuza Merchant

January 12, 2024 | 6:00 pm

Bitcoin ETFs made a historic debut with over $4 billion in inflows on their first trading day. Blackrock's iShares Bitcoin Trust ETF (IBIT) led with $1 billion, while Grayscale's Bitcoin Trust (GBTC) topped with $2 billion after converting to a spot Bitcoin ETF. Fidelity's Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB) also saw significant inflows. Other funds like Valkyrie, WisdomTree, and Hashdex had inflows below $10 million. Bitcoin was trading at $46,279 with a market cap of $900 billion.

Portfolio Pulse from Piero Cingari

January 11, 2024 | 11:12 pm

Grayscale Investments, led by CEO Michael Sonnenshein, intends to file for a covered call ETF that will allow investors to earn income from options on its Grayscale Bitcoin Trust (GBTC).

Portfolio Pulse from Benzinga Newsdesk

January 11, 2024 | 7:26 pm

The SEC has approved 11 Bitcoin ETFs for trading, leading to a surge in Bitcoin's price and a strong start for the ETFs on their first trading day. Despite expectations of a sell-off following the approval, the crypto market continues to trend higher. The ETFs, including ARKB, BITB, IBIT, FBTC, EZBC, GBTC, DEFI, BTCO, BRRR, HODL, and BTCW, all showed positive early price action.

Portfolio Pulse from Adam Eckert

January 11, 2024 | 3:58 pm

Grayscale Bitcoin Trust (GBTC) has started pre-market trading at 4 am EST, following the SEC's approval of spot Bitcoin ETFs. GBTC's early trading could provide a competitive advantage over other approved ETFs like those from Bitwise, Hashdex, iShares, Valkyrie, ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity Wise Origin, and Franklin. This regulatory shift may lead to increased institutional investment and mainstream acceptance of Bitcoin.

Portfolio Pulse from Benzinga Neuro

January 11, 2024 | 2:10 pm

The SEC approved applications for spot Bitcoin ETFs, including Grayscale Bitcoin Trust (GBTC) and others. The approval follows a court ruling against the SEC, directing it to review Grayscale's application. The article compares a $1,000 investment in Bitcoin from July 1, 2013, to its value today, highlighting a hypothetical return of over 52,000%. It also compares returns from investments in SPY, Tesla, and Apple over the same period, with Bitcoin outperforming all.

Portfolio Pulse from Chris Katje

January 10, 2024 | 11:11 pm

Grayscale Investments has received SEC approval to uplist its Grayscale Bitcoin Trust (GBTC) to NYSE Arca, making it one of the first spot Bitcoin ETFs in the U.S. GBTC, which holds 3.16% of all Bitcoin in circulation, will commence trading on NYSE Arca on January 11, 2024, and will cease trading on OTC Markets. The Trust plans to issue additional shares and employ creations and redemptions to closely track the value of its underlying Bitcoin holdings.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 9:29 pm

All corporate logos and prices are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.