iShares Bitcoin Trust (NASDAQ:IBIT) Trading Down 2.2% – Time to Sell?

Shares of iShares Bitcoin Trust (NASDAQ:IBIT) dropped 2.2% during trading on Wednesday . The company traded as low as $58.96 and last traded at $59.37. Approximately 14,549,465 shares traded hands during trading, a decline of 58% from the average daily volume of 34,720,191 shares. The stock had previously closed at $60.73.

iShares Bitcoin Trust Stock Performance

The company’s fifty day simple moving average is $48.37 and its two-hundred day simple moving average is $39.84.

Institutional Trading of iShares Bitcoin Trust

Several institutional investors and hedge funds have recently modified their holdings of the stock. B. Riley Wealth Advisors Inc. grew its holdings in iShares Bitcoin Trust by 32.2% during the third quarter. B. Riley Wealth Advisors Inc. now owns 38,078 shares of the company’s stock worth $1,357,000 after buying an additional 9,266 shares in the last quarter. Garden State Investment Advisory Services LLC bought a new stake in shares of iShares Bitcoin Trust in the 3rd quarter worth $656,000. Franklin Resources Inc. purchased a new stake in shares of iShares Bitcoin Trust in the third quarter valued at about $1,107,000. Tidal Investments LLC lifted its position in shares of iShares Bitcoin Trust by 12.4% during the third quarter. Tidal Investments LLC now owns 228,354 shares of the company’s stock valued at $8,250,000 after purchasing an additional 25,232 shares in the last quarter. Finally, World Investment Advisors LLC lifted its position in shares of iShares Bitcoin Trust by 31.1% during the third quarter. World Investment Advisors LLC now owns 11,888 shares of the company’s stock valued at $430,000 after purchasing an additional 2,823 shares in the last quarter.

About iShares Bitcoin Trust

The IShares Bitcoin Trust Registered (IBIT) is an exchange-traded fund that mostly invests in long btc, short usd currency. The fund is a passively managed fund that seeks to track the spot price of Bitcoin. IBIT was launched on Jan 5, 2024 and is issued by BlackRock.