GBTC has been given a spanking amid the digital currency’s latest woes, falling more than 76% so far this year. This means it is being well outpaced by the S&P 500 despite the index falling more than 17% so far in 2022. The GBTC stock price generally moves in line with the price of Bitcoin, though it is now trading for a substantial discount.
Is Bitcoin Digital Gold?
ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities. Regulators say investors are vulnerable to fraud and manipulation as the SEC does not have oversight over cryptocurrency-trading venues not registered as exchanges in the U.S. This is because they have no insight where Bitcoins are coming from. Most investors would be better served studying the stock market, and compiling a watchlist of profitable companies setting up in proper bases, when looking for stocks to buy.
Ray III previously served as chairman for Enron and oversaw its liquidation after the energy company’s bankruptcy and accounting scandals two decades ago. Grayscale claims that converting GBTC into an ETF will likely help bring its share price to trade in line with ETC its underlying value. Highlights important summary options statistics to provide a forward looking indication of investors’ sentiment. This section shows the Highs and Lows over the past 1, 3 and 12-Month periods.
Bitcoin Currency Details
The fact that Bitcoin frequently spikes before suffering brutal reversals underscores the volatility of the digital currency. Those who got in at the wrong time are nursing painful losses. The price of Bitcoin itself fluctuates wildly, and its performance underlines the opportunity and risks of the cryptocurrency. The company has a massive hole in its balance sheet and sister trading firm Alameda Research currently owes the exchange around $10 billion. Back in June, the SEC rejected Grayscale’s attempt to turn the trust into an exchange-traded fund . Find exchange traded funds whose sector aligns with the same commodity grouping as the symbol you are viewing.
- For ETFs, this section includes key statistics on the fund, with a link to see more.
- Those who got in at the wrong time are nursing painful losses.
- Values tumbled from above the $65,000 mark to around the $17,000 level amid the FTX bankruptcy debacle.
- Since 1988 it has more than doubled the S&P 500 with an average gain of +24.28% per year.
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However, grantor trusts are covered by the Securities Act of 1933 and the Securities Exchange Act of 1934, and must disclose regular financial information. For an ETF, this widget displays the top 10 constituents that make up the fund. This is based on the percent of the fund this stock’s assets represent. For ETFs, this section includes key statistics on the fund, with a link to see more.
Gold has traditionally been the https://www.beaxy.com/ class investors have fled to in times of uncertainty. There was hope among cryptocurrency enthusiasts that Bitcoin would serve as a similar alternative during the coronavirus crisis. But with financial reality now hitting home, and the broader stock market itself currently in the grip of a correction, recent times have been tough for the digital currency. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Since 1988 it has more than doubled the S&P 500 with an average gain of +24.28% per year.
Click the “See More” link to see the full Performance Report page with expanded historical information. A thumbnail of a daily chart is provided, with a link to open and customize a full-sized chart. The Barchart Technical Opinion rating is a 72% Buy with a Weakening short term outlook on maintaining the current direction. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Please log in to your account or sign up in order to add this asset to your watchlist.
- A quarter ago, it was expected that this company would post earnings of $0.07 per share when it actually produced earnings of $0.12, delivering a surprise of 71.43%.
- Find exchange traded funds whose sector aligns with the same commodity grouping as the symbol you are viewing.
- “The FTX Group has valuable assets that can only be effectively administered in an organized, joint process.”
- One key thing to remember when considering buying shares in Grayscale Bitcoin Trust is that it’s not a true common stock.
These btcx stocktwitss cover a period from January 1, 1988 through January 2, 2023. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. The monthly returns are then compounded to arrive at the annual return.
CI Galaxy Bitcoin ETF Trust Units -Unhedged- Technical Analysis Chart
Analysis of these related ETFs and how they are trading may provide insight to this commodity. Live educational sessions using site features to explore today’s markets. Realtime quote and/or trades are not sourced from all markets. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well.