GBTC
Grayscale Bitcoin Trust: the first BTC investment vehicle for institutional investors in the US.
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.
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