iShares Bitcoin Trust (NASDAQ:IBIT) Shares Down 1.3% – Here’s Why

Shares of iShares Bitcoin Trust (NASDAQ:IBIT) dropped 1.3% during mid-day trading on Wednesday . The stock traded as low as $53.71 and last traded at $54.06. Approximately 16,354,732 shares changed hands during trading, a decline of 58% from the average daily volume of 38,500,570 shares. The stock had previously closed at $54.79.

iShares Bitcoin Trust Stock Performance

The firm’s 50 day moving average price is $52.61 and its 200-day moving average price is $41.36.

Hedge Funds Weigh In On iShares Bitcoin Trust

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Asset Dedication LLC raised its position in shares of iShares Bitcoin Trust by 52.4% in the third quarter. Asset Dedication LLC now owns 811 shares of the company’s stock valued at $29,000 after buying an additional 279 shares during the last quarter. Glass Jacobson Investment Advisors llc raised its holdings in iShares Bitcoin Trust by 40.2% in the 3rd quarter. Glass Jacobson Investment Advisors llc now owns 1,060 shares of the company’s stock valued at $38,000 after acquiring an additional 304 shares during the last quarter. Doliver Advisors LP lifted its stake in iShares Bitcoin Trust by 4.9% in the 3rd quarter. Doliver Advisors LP now owns 7,558 shares of the company’s stock worth $273,000 after purchasing an additional 350 shares in the last quarter. Summit Global Investments boosted its holdings in shares of iShares Bitcoin Trust by 3.3% during the 3rd quarter. Summit Global Investments now owns 11,214 shares of the company’s stock worth $405,000 after purchasing an additional 355 shares during the last quarter. Finally, Mirador Capital Partners LP grew its position in shares of iShares Bitcoin Trust by 4.0% in the third quarter. Mirador Capital Partners LP now owns 10,057 shares of the company’s stock valued at $363,000 after purchasing an additional 384 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.