Bitcoin Exuberance Is Even More Dramatic in Its Lone Investment Trust
- Grayscale Investments’ trust trades at double net asset value
- ARK Investment’s Wood says her fund reduced bitcoin holdings
Olaf Carlson-Wee, chief executive officer at Polychain Capital, and Bloomberg's Cory Johnson discuss the recent volatility in Bitcoin and whether or not the digital currency is experiencing a bubble. They speak on 'Bloomberg Technology.' (Source: Bloomberg)
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If you need evidence that bitcoin mania is getting extreme, look at the lone investment vehicle available to institutional investors.
Grayscale Investments’ Bitcoin Investment Trust, which trades over-the-counter in the U.S. and offers direct exposure to bitcoin, surged 85 percent last week, compared with the digital currency’s 17 percent increase. Those gains brought the fund known by its ticker, GBTC, to trade at more than twice its net asset value, the highest premium ever.