Over the past six months, the Bitcoin Trust (GBTC) returned 300%. Now that Coinbase (COIN) is a public company, many investors are realizing that cryptocurrencies are here to stay. In fact, we believe that all investors should have at least some allocation to bitcoin and leading altcoins.
At year-end 2020, ETF PM added a 2% to 6% allocation to GBTC in the investable benchmarks, and our active strategies have been trading a number of securities that are focused on blockchain technology and the cryptocurrency index.
ETF PM has long positions in GBTC, ETHE BITW and COIN.
Which ETFs Will Own Coinbase?
Ron DeLegge, 4/15/21
Coinbase, the most anticipated initial public offering this year, made its debut on the Nasdaq stock exchange and it didn’t disappoint. The stock opened at $381, popped to $429.54 and eventually ended the day at $328.28. That’s an immense market cap of $86 billion.
The San Francisco-based company is the first U.S. cryptocurrency exchange to go public and has ushered in a new era of maturation for digital assets such as bitcoin, ethereum and others.
“The main message from the extraordinary success of Coinbase is that all investors should have some bitcoin in their portfolio right away, even if they start at just a 1% or 2% weighting,” said David Kriences, founder at ETF Portfolio Management in Westlake Village, Calif.
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