GBTC

Definition

GBTC is the ticker of the Grayscale Bitcoin Trust, launched in 2013 as the first Bitcoin investment product available to US institutional investors. For years it traded at a premium to its BTC NAV, reaching 40% at moments of euphoria. When it converted into a spot ETF in January 2024, the premium disappeared. The 'GBTC premium' was historically an indicator of institutional appetite for Bitcoin: a high premium signaled strong demand; a negative one (discount) signaled saturation or forced selling.