Grayscale Bitcoin Trust (NYSEARCA:GBTC) Stock Price Down 2.4%

Grayscale Bitcoin Trust (NYSEARCA:GBTC)’s share price was down 2.4% during mid-day trading on Monday . The company traded as low as $46.34 and last traded at $46.47. Approximately 561,953 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 11,121,360 shares. The stock had previously closed at $47.63.

Grayscale Bitcoin Trust Trading Down 1.6 %

The firm’s fifty day moving average is $53.80 and its 200 day moving average is $55.01. The company has a market cap of $23.93 billion, a PE ratio of 2.29 and a beta of 1.25.

Institutional Trading of Grayscale Bitcoin Trust

Institutional investors and hedge funds have recently modified their holdings of the stock. B. Riley Wealth Advisors Inc. acquired a new stake in Grayscale Bitcoin Trust in the 2nd quarter worth about $2,158,000. Sunbelt Securities Inc. boosted its stake in shares of Grayscale Bitcoin Trust by 8.8% in the second quarter. Sunbelt Securities Inc. now owns 4,322 shares of the company’s stock worth $230,000 after acquiring an additional 350 shares during the last quarter. Creative Planning increased its position in shares of Grayscale Bitcoin Trust by 1.3% during the second quarter. Creative Planning now owns 82,857 shares of the company’s stock worth $4,411,000 after purchasing an additional 1,074 shares in the last quarter. Magnolia Capital Advisors LLC acquired a new position in Grayscale Bitcoin Trust in the 2nd quarter valued at $14,810,000. Finally, Ascent Group LLC purchased a new position in Grayscale Bitcoin Trust in the 2nd quarter valued at $215,000.

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.