Bitcoin Investment Trust (GBTC) Charges 2% For A Passive Product; Gets A "Buy" From Wedbush

Wedbush has initiated coverage of Bitcoin Investment Trust with an Outperform rating and a $40 price target (currently $30.45), but the investment thesis has everything to do with Bitcoin and nothing to do with the rather expensive financial product that’s being offered. “GBTC is a NASDAQ OTCQX listing of the Bitcoin Investment Trust which holds BTC and serves as a proxy for the price of BTC at a 1/10 ratio. We expect GBTC to trade at a slight premium to BTC as the publicly traded liquidity benefit is only somewhat offset by the 2% management fee,” write Wedbush analysts Gil…