The surge in the share price of Barry Silbert-led Grayscale Bitcoin Investment Trust (GBTC) is presumed to be one of the leading factors of the recent spike of bitcoin price. BIT—the publicly-tradable shares of bitcoins operating under the ticker GBTC—was launched back in March, and represents approximately one tenth of a bitcoin.

Over the past 5 days, the shares of GBTC have increased from $45 to $55.3 per share, which means that institutional and qualified brokers have been trading the digital currency at an average price of US $553 per Bitcoin. The correlation between the unexpected surge in the share price of GBTC and the increase in the price of Bitcoin has convinced financial experts and Bitcoin analysts that the Bitcoin Investment Trust plays an essential role in the spike of Bitcoin prices.

 

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