June 28 (Cointime) - Grayscale Bitcoin Trust's share price hit a one-year high on Tuesday, driven by renewed optimism about the trust's potential conversion into an exchange-traded fund (ETF).

This was in response to reports that Fidelity Investments is preparing to follow BlackRock's lead in filing for a spot Bitcoin ETF. Meanwhile, the spot price of Bitcoin rose just 1.4% for the day, ending the day at $30,692 after spiking to almost $31,000 on the news that Fidelity is joining the Bitcoin ETF race.

Grayscale's recent rally gained momentum after BlackRock filed for a Bitcoin ETF on June 15, and GBTC has now surged by nearly 50% in the almost two weeks since.