Grayscale Bitcoin Trust (NYSEARCA:GBTC) Trading Down 4.5% – Should You Sell?

Grayscale Bitcoin Trust (NYSEARCA:GBTC) shares were down 4.5% during mid-day trading on Monday . The stock traded as low as $74.95 and last traded at $75.29. Approximately 4,768,363 shares traded hands during trading, a decline of 47% from the average daily volume of 8,914,126 shares. The stock had previously closed at $78.87.

Grayscale Bitcoin Trust Trading Down 4.4 %

The stock’s 50-day moving average price is $56.59 and its 200-day moving average price is $54.79. The company has a market capitalization of $38.50 billion, a P/E ratio of 2.29 and a beta of 1.25.

Institutional Trading of Grayscale Bitcoin Trust

Several hedge funds have recently made changes to their positions in GBTC. Jane Street Group LLC bought a new position in Grayscale Bitcoin Trust during the 1st quarter worth $117,350,000. Farallon Capital Management LLC bought a new stake in Grayscale Bitcoin Trust in the 1st quarter valued at about $85,221,000. Greenwich Wealth Management LLC boosted its stake in Grayscale Bitcoin Trust by 99.9% during the 3rd quarter. Greenwich Wealth Management LLC now owns 1,076,820 shares of the company’s stock valued at $54,379,000 after purchasing an additional 538,256 shares during the period. LPL Financial LLC boosted its stake in Grayscale Bitcoin Trust by 7.1% during the 2nd quarter. LPL Financial LLC now owns 1,030,932 shares of the company’s stock valued at $54,887,000 after purchasing an additional 68,698 shares during the period. Finally, Mad River Investors grew its position in Grayscale Bitcoin Trust by 26.7% in the 3rd quarter. Mad River Investors now owns 389,745 shares of the company’s stock worth $19,682,000 after purchasing an additional 82,187 shares during the last quarter.

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.