Did Bitcoin Investment Trust Trading Push November Price Rally?
Trading in the Bitcoin Investment Trust (BIT), an open-ended trust invested exclusively in bitcoin, may have contributed to the November spike in bitcoin's price, according to The Wall Street Journal. On Oct. 21, for the first time, the spread between publicly-traded shares in the fund and the bitcoin price became negligible. On Nov. 3, 71,000 shares traded and the bitcoin price surged. A spokesman for the trust said the narrowed spread probably attracted investors to BIT. Arbitragers often try to profit from changes between assets and price, but do so, they must take a position in the....
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The surge in the share price of Barry Silbert-led Grayscale Bitcoin Investment Trust (GBTC) is presumed to be one of the leading factors of the recent spike of bitcoin price. BIT-the publicly-tradable shares of bitcoins operating under the ticker GBTC-was launched back in March, and represents approximately one tenth of a bitcoin. Over the past 5 days, the shares of GBTC have increased from $45 to $55.3 per share, which means that institutional and qualified brokers have been trading the digital currency at an average price of US $553 per Bitcoin. The correlation between the unexpected....
The U.S. Securities Exchange Commission (SEC) earlier this week announced that it is delaying its decision whether to approve the listing of SolidX Bitcoin Trust on the NYSE Arca exchange. Meet SolidX Bitcoin Trust. Blockchain technology company, SolidX Partners Inc, first filed a registration statement (Form S-1) with the SEC on July 11, 2016, proposing....
Investors looking to gain LTC exposure using traditional equities are willing to pay a premium of more than 1,800% to buy it via Grayscale's Litecoin Trust. Shares in Grayscale Investments' Litecoin Investment Trust, or LTCN, have been trading at a whopping 1,800% premium over the market rate of their underlying asset, Litecoin (LTC).$319 per Litecoin? This difference is caused primarily due to retail investors' inability to purchase shares directly from Grayscale Investments, whose funds are aimed exclusively at accredited investors.LTC holdings per $LTCN share (orange) and premium....
Grayscale Investments is gearing up to launch a new investment product for Ethereum Classic (ETC) in the first quarter of this year. This will be the second investment product for the company; the first was the Bitcoin Investment Trust (BIT). Bitcoin.com caught up with Grayscale CEO and founder, Barry Silbert, to find out more about this new product.....
SecondMarket and Bitcoin Investment Trust Barry Silbert released an interesting tidbit of information on Twitter on Thursday afternoon. The Bitcoin Investment Trust now holds over 100,000 bitcoins, worth over $37 million at the present exchange rate. Back in December, the Trust was valued at over $60 million - though the rate of exchange at that point was much higher than it is today. Big milestone today for Bitcoin Investment Trust - now holds over 100,000 bitcoin http://t.co/nBzlaGupy4 cc @BitcoinTrust. - Barry Silbert (@barrysilbert) April 10, 2014. The Bitcoin Investment Trust was....