A wild ride for a would-be bitcoin ETP
http://timesofindia.indiatimes.com/business/international-business/a-wild-ride-for-a-would-be-bitcoin-etp/articleshow/58863824.cms
** Bitcoin Investment Trust is charting a wild correction after a 154 pct run-up from May 12 to May 25
** GBTC down 14 pct, while bitcoin down just 1 pct
** Sharp move comes after bitcoin run sparked by Asian buying and endorsement on Tuesday from Fidelity Investments' CEO Abby Johnson
** GBTC investor Mike Venuto says premium collapsing Friday in part because of speculation that Fidelity would offer a brokerage product for accessing bitcoin that could replace GBTC
** NYSE Arca applying to let GBTC trade on its exchange, while product sponsor Grayscale Investments LLC plans to convert it to a more traditional commodity-tracking ETP that would rise and fall with the value of bitcoin it holds; an approval would be historic
** Currently GBTC trades over the counter at a significant premium to its value: mkt price of $477 yesterday is more than double the $234 value of its bitcoin
Topic: [2017-05-27] ToI: A wild ride for a would-be bitcoin ETP (Read 444 times)
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