Bitcoin, the first decentralized digital currency, has been on a tear recently, rising from $2,150 on Monday to $2,779 on Thursday, a jump of 29%.
But what has really been spiking is the Bitcoin exchange traded fund, Bitcoin Investment Trust (GBTC). It is an ETF that purportedly represents one tenth of a bitcoin for each share.
The stock skyrocketed last week from a close of $241 per share on Monday to a high of $565 a share during the day on Thursday, May 25. This was an increase of 134%. The stock closed at $477, still a huge increase of 98%.
Both Bitcoin and GBTC dropped on Friday, but GBTC still closed above $400 a share.
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Correction: I believe that GBTC is actually a CEF (closed end fund), not an ETF, although there is not much difference.