Needham & Company Downgrades Bitcoin Investment Trust (GBTC) to Hold
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Needham & Company downgraded Bitcoin Investment Trust (: GBTC) from Buy to Hold, although the firm raised its Bitcoin price projection from $655 to $848.
Analyst Spencer Bogart commented, "Due to faster-than-expected adoption and improving fundamentals we are raising our Bitcoin price projection (from $655 to $848) but downgrading GBTC (to HOLD from BUY) based on the substantial premium at which shares trade relative to their net asset value. Focusing on Bitcoin, we’re encouraged that 1) adoption is trending faster than we forecasted in March, 2) fundamentals are improving, and 3) there are upcoming protocol improvements that we think present attractive optionality for the price of Bitcoin. At the highest level, we continue to see value in Bitcoin as a "digital gold" and as a payment network that is enabling a global, open, permissionless financial system."
Shares of Bitcoin Investment Trust closed at $93.00 yesterday.
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