Grayscale Bitcoin Trust ETF continues gains for seven straight sessions, as bitcoin soars

Grayscale Bitcoin Trust ETF ( NYSEARCA: GBTC ) continued gains for a seventh straight session as the stock closed 0.09% higher, at $71.30 on Wednesday. The crypto asset manager gained 29.11% in the last six trading sessions. The stock has gained more than 108% so far this year, compared to an over 25% rise in the broader S&P 500 Index. GBTC is up 36% over the past one month. The stock closed 2.90% higher, at $71.23 on Tuesday. Cryptocurrencies have been on fire since Donald Trump won the White House, amid investor expectations that the 47th President's administration will embrace the sector. Bitcoin, the world's largest cryptocurrency, has rocketed since Trump's election win, and is now closing in on the long-speculated $100K mark. On Wednesday, bitcoin topped $93K, but has since retraced a bit to $92.5K. Trump embraced crypto as part of his election campaign - a marked departure from President Joe Biden's current government, which has cracked down on the sector. Seeking Alpha analysts are cautious regarding Grayscale Bitcoin Trust ETF ( GBTC ), and have rated it as HOLD. While Seeking Alpha’s Quant rating has an optimistic view, rating the stock a STRONG BUY , with a score of 4.80 out of 5. Grayscale Bitcoin Trust ETF ( GBTC ) has received an A+ in terms of momentum and liquidity, and F on expenses, dividends, and risk. Despite the positive sentiment, Seeking Alpha analyst Noah Cox of Noah's Arc Capital Management argues that high management fees and significant tracking errors undermine GBTC's value proposition, making it less efficient for Bitcoin exposure. “Competing Bitcoin ETFs, like those from BlackRock, offer similar exposure at a fraction of GBTC's cost, making them more attractive to investors,” the analyst added. More on Grayscale Bitcoin Trust ( BTC ) ETF GBTC: Don't Play Bitcoin With This ETF (Rating Downgrade) GBTC: Capital Flows And Network Data What GBTC Outflows Tell Me About Bitcoin And The Bitcoin ETF Landscape SA Asks: How will the U.S. election results impact crypto? Spot bitcoin ETFs garner highest net inflows since July after Fed's Powell nods to rate cuts