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Seeking Alpha 2021-08-19 15:42:19

Grayscale Bitcoin Trust stock snaps three-day decline as bitcoin pauses

Grayscale Bitcoin Trust stock snaps three-day decline as bitcoin pauses

After three days of declines, Grayscale Bitcoin Trust (OTC:GBTC) stock gains 2.6% even as bitcoin (BTC-USD) appears range-bound. That could help narrow the stocks discount to its net asset value. As of Wednesday, Aug. 18, GBTC's discount to NAV was 16.5%, its biggest discount since May 18, when it was 17.1%, according to Ycharts. Source: Ycharts The stock also is 3.5% below its 100-day simple moving average and 1.2% below its 200-day SMA. Bitcoin (BTC-USD), meanwhile, trading recently at $45.6K, has remained within the $44K to $48K range within the past week. GBTC's total return lags bitcoin's performance in the past year as seen in the chart below. Action in other bitcoin-related names are mixed: MicroStrategy (MSTR +1.2%), SOS Ltd (SOS -2.5%), Rio Blockchain (RIOT -1.4%), Marathon Digital (MARA +0.3%), Bitfarms (BITF +1.2%), and Bit Digital (BTBT -0.9%). Take a look at Alexander J Poulos's review of Grayscale Bitcoin Trust (OTC:GBTC),

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