Andrew Left Is Right About Bitcoin Investment Trust
Each share of Bitcoin Investment Trust (NASDAQOTH: GBTC) represents ownership of approximately 0.092 bitcoin. Therefore, in functioning markets, the trust should trade for a price that roughly corresponds to the market price of 0.092 bitcoin.
The key word here is "should." As we've seen, Bitcoin Investment Trust is a poor proxy for bitcoin because it typically trades at a premium to the value of the bitcoin it owns. Often, it rises in price when bitcoin falls, and falls when bitcoin rises, because of changes in the premium.
Source: Fool.com