NEW YORK: Bitcoin’s awe-inspiring surge to record highs has investors racing for exposure to the rally – even if it means paying an absurdly high markup.
As the largest cryptocurrency rocketed above US$23,000 for the first time this week, the mania pushed the price of the Bitwise 10 Crypto Index Fund (ticker BITW) as much as 650% above the value of its holdings and is currently trading near 350%, according to data compiled by Bloomberg. Meanwhile, the premium on the Grayscale Bitcoin Trust (ticker GBTC) swelled to 34% amid the rally.
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