Grayscale Bitcoin Trust (NYSEARCA:GBTC) Trading Up 3.6%

Shares of Grayscale Bitcoin Trust (NYSEARCA:GBTC) were up 3.6% during mid-day trading on Friday . The stock traded as high as $58.54 and last traded at $58.45. Approximately 1,631,957 shares traded hands during trading, a decline of 86% from the average daily volume of 11,944,479 shares. The stock had previously closed at $56.40.

Grayscale Bitcoin Trust Trading Up 4.6 %

The stock has a market capitalization of $30.13 billion, a P/E ratio of 2.29 and a beta of 1.25. The firm’s fifty day moving average is $57.42 and its 200-day moving average is $53.01.

Hedge Funds Weigh In On Grayscale Bitcoin Trust

A number of institutional investors have recently modified their holdings of GBTC. Spectrum Planning & Advisory Services Inc. acquired a new stake in shares of Grayscale Bitcoin Trust during the 2nd quarter worth approximately $856,000. Verde Capital Management acquired a new stake in shares of Grayscale Bitcoin Trust during the 2nd quarter worth approximately $3,414,000. Fiduciary Financial Group LLC acquired a new stake in shares of Grayscale Bitcoin Trust during the 2nd quarter worth approximately $718,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Grayscale Bitcoin Trust during the 2nd quarter worth approximately $159,000. Finally, Red Door Wealth Management LLC acquired a new stake in shares of Grayscale Bitcoin Trust during the 2nd quarter worth approximately $5,134,000.

About Grayscale Bitcoin Trust

The Grayscale Bitcoin Trust (GBTC) is an exchange-traded fund that mostly invests in long btc, short usd currency. The fund is passively managed, offering exposure to the daily USD spot price of bitcoin (BTC). An investment in the fund is not a direct investment in bitcoin. GBTC was launched on Jan 11, 2024 and is issued by Grayscale.