Bitcoin and cryptocurrency prices have seen significant gains as the entire cryptoconomy is up more than 40% since mid-December. Grayscale’s Bitcoin Trust (GBTC) has also seen an uptick and shares have climbed 9% this week. The news follows the asset manager’s recent registration as a reporting company with the Securities and Exchange Commission (SEC) and the private placement of its shares. In the last three weeks, GBTC’s price has jumped more than 44%, mimicking BTC’s price patterns despite having a significant premium.
Also Read: IOTA, EOS, XLM, ADA – 4 ‘Bitcoin Contenders’ With Zero Use Cases and Barely Any Infrastructure
Demand for Grayscale Grows
The oldest running regulated Bitcoin Investment Trust (OTCQX: GBTC) managed by Grayscale was established in 2013 and is sold to accredited investors. GBTC is considered the first publicly quoted security that derives its value from BTC and the value of GBTC shares have been rising alongside BTC this week. GBTC shares touched a low of $7.98 on January 2 and the price has jumped 44%…