Finance: A wildly popular bitcoin stock is popping after a 91-for-1 split

The stock was previously more than $1,000 per share. Now, it's less than $20.

• Grayscale Bitcoin Investment Trust gave investors 91 shares for every one they previously owned, and the stock is spiking now that shares are cheaper.
• The move makes the stock more accessible to those who want to invest.

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It just got easier to invest in bitcoin without actually buying the digital currency.

Shares of the Grayscale Bitcoin Investment Trust, a stock that seeks to imitate the price of bitcoin through its ownership of 0.09 BTC per share, opened up more than 8% Monday — rising as high as $19.57 — after a 91-for-1 split over the weekend made the stock more accessible to the masses.

The company announced the split in January, when the stock was trading at more than $1,000.

Now, shares of the investment trust are trading at a much more affordable $18. The split didn't affect the company’s market value, which remains just above $3 billion.

GBTC is the second most popular stock on trading app Stockpile, which allows users to buy fractional shares of expensive companies they may not otherwise be able to afford.

Shares of GBTC gained roughly 1,700% in the past year. Bitcoin is up 1,659% in the same period.

A Grayscale Investments spokesperson declined to comment on the split or price move.

posted by Campus94