The value of Bitcoin (BTC) has surged from $US6,858 in the first half of 2018 to $US11,800 today.
The rise comes as investors are rushing to invest in digital currencies as they continue to grow in popularity.
A bitcoin ETF that aims to capture this demand is set to be launched on Thursday.
Bitcoin has soared to $AUD2,100 from a little over $US1,000 in the previous month.
This has allowed investors to cash in on bitcoin’s surging value, and a large portion of the value of bitcoin has now been driven by investors.
Bitcoin’s value has soared in the past few months, from just under $US7,000 at the beginning of 2018, to a high of nearly $US100,000 this month.
It is believed that the recent surge in the value has also driven up the value for many of the companies that use bitcoin.
As the market for cryptocurrencies continues to rise, so too have the shares of some of these companies.
The value of one bitcoin stock has jumped to $AU1,300 from just $US40.50 a year ago, according to data from Bloomberg.
Bitcoin stocks have also been on a tear.
Shares of bitcoin trading platform Bitstamp have soared to a record high of more than $US2,000 per share since the start of 2018.
The price of bitcoin in Australian dollars has also surged from around $US50 to $NZ2,500.
Bitcoin trading firm BTCC also recently hit record highs.
The bitcoin stock rose 4% on Thursday, as investors moved towards bitcoin ETFs, which have the potential to capture a significant portion of bitcoin’s value.
“Bitcoin has seen an impressive surge in value in the last few months,” said Mike Novak, co-founder and chief executive of Crypto Fund, in a statement.
“The market has been very bullish and we believe this is due to investors wanting to cash out when bitcoin becomes more popular and profitable for them.”
The ETFs could provide investors with a return on their investment.
While the funds have yet to be fully operational, Novak said investors could see an overall return on investment of around $20,000 a year.
“This ETF could potentially deliver returns of up to 50% over the first year,” Novak added.