Investment guru pivots hard to bitcoin

Grayscale’s bitcoin shares up 14% after rally

Amid the sharp rise in bitcoin’s price Wednesday, shares in the Grayscale Bitcoin Trust (GBTC) also saw notable gains, Coindesk reported.

Bitcoin’s sudden rally – which many analysts are associating with expectations around the coming miner reward halving event – helped propel the investment vehicle to a 14.3% gain on the day, with a market price per share at $9.60 at the session close. 

Grayscale’s Ethereum Trust has also seen a significant increased, up 7.7% to $104.50 per share. Grayscale is owned by Digital Currency Group, the parent company of CoinDesk.

The trust’s share prices continue to profit from investor sentiment driven by a fear of missing out (FOMO) amid bitcoin’s recent rallies on the back of this year’s halving, scheduled for May 12. The supply cutting event will reduce the rewards given to bitcoin miners per block mined by half.

Leave a Reply

Your email address will not be published. Required fields are marked *