While the flagship cryptocurrency is undergoing a correction, falling by 17% after reaching a new annual maximum, investment funds, on the contrary, demonstrate quite good results. The Grayscale Bitcoin Trust (GBTC) is a great example of the increasing interest of institutional investors in cryptocurrency.
Currently, GBTC shares are trading at around $ 14 per unit. It is noteworthy that 5 months ago this figure was $ 3.84. During this period, the BTC rate increased by 200%. Such differences are attributed to the fact that institutional investors acquire shares at a slightly higher cost than the market price, but at the same time they do not directly hold funds.
According to data from John Dobosch, who is the editor of Forbes Dividend Investor, GBTC managed to outperform gold, oil, the S & P 500, and other ETFs. Dobosh noted that, overall, over the past 5 months, the profitability of GBTC, which very accurately tracks the dynamics of BTC, has increased by 341%. Oil, for example, increased by 12.8% over the same period, S & P 500 by 8.5%, gold by 7.7%, USD only by 1%.
6/28/19 UPDATE: Holdings for your investment products.
Total AUM: $ 2.7 billion $ BTC $ BCH $ ETH $ ETC $ ZEN $ LTC $ XLM $ XRP $ ZEC pic.twitter.com/uMC6VFMfMm
Grayscale (@GrayscaleInvest) June 28, 2019
The reason for this may be the fact that GBTC is the only investment BTC product currently available on American exchanges, which has more than 1.2% of the total BTC issue available.
Grayscale invests in several other crypto assets, such as Ethereum, Bitcoin Cash, Litecoin, Stellar, Ethereum Classic, XRP, and Zcash. In general, under the management of the company $ 2.7 billion.
