FYI: Bitcoin’s lone U.S. investment trust is feeling the burn as investors reconsider hefty fund fees and its underlying cryptocurrency fails to buck this year’s downward trend.
Grayscale Bitcoin Investment Trust, or GBTC, which tracks Bitcoin’s market price, has seen its net asset value hit its lowest point since the cryptocurrency’s price surged late last year. Shares of GBTC are down around 80 percent since Bitcoin hit a high of $19,511 in mid-December. The price of Bitcoin has dropped nearly 66 percent during the same time period, making the premium to the cryptocurrency almost nonexistent. The fund has traded at more than twice its net asset value.
Regards,
Ted
https://www.bloomberg.com/news/articles/2018-10-02/bitcoin-investment-trust-loses-luster-as-premium-evaporatesM* Snapshot GBTC:
https://www.morningstar.com/etfs/PINX/GBTC/quote.html
