Why Bitcoin Investment Trust Stock Plunged on Wednesday [The Motley Fool]
GRAYSCALE BITCOIN TRUST (GBTC)
NASDAQ:AMEX Investor Relations:
grayscale.co/bitcoin-investment-trust
Company Research
Source: The Motley Fool
Bitcoin is plunging toward new lows, dragging down the funds that track it. Jordan Wathen ( TMFValueMagnet ) Nov 14, 2018 at 4:11PM What's happening? Shares of Bitcoin Investment Trust ( NASDAQOTH:GBTC ) are down by about 10% as of 2:45 p.m. EST on Wednesday as bitcoin (BTC-USD) plunged to fresh lows for the year. At a recent price of $5,452, bitcoin is trading just above its year-to-date low of $5,363 set earlier in the trading day at Coinbase. So what Bitcoin Investment Trust is a quasi-bitcoin ETF , as each share outstanding represents ownership of roughly 0.001 bitcoin. In theory, its share price, when multiplied by 1,000 (1,007.8, to be exact) should approximate the current market value for bitcoin. In practice, shares of Bitcoin Investment Trust often trade at a premium to the value of the bitcoin it owns, due to the fact that spec
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