Grayscale Bitcoin Trust (NYSEARCA:GBTC) Shares Gap Down – What’s Next?

Grayscale Bitcoin Trust (NYSEARCA:GBTC) shares gapped down before the market opened on Tuesday . The stock had previously closed at $74.34, but opened at $70.53. Grayscale Bitcoin Trust shares last traded at $68.58, with a volume of 1,020,134 shares.

Grayscale Bitcoin Trust Stock Down 7.2 %

The stock’s fifty day moving average price is $77.95 and its 200-day moving average price is $64.78. The company has a market capitalization of $17.44 billion, a price-to-earnings ratio of 2.23 and a beta of 2.51.

Hedge Funds Weigh In On Grayscale Bitcoin Trust

Several hedge funds have recently modified their holdings of GBTC. Proficio Capital Partners LLC grew its stake in Grayscale Bitcoin Trust by 4,462.7% in the fourth quarter. Proficio Capital Partners LLC now owns 2,103,962 shares of the company’s stock valued at $155,735,000 after purchasing an additional 2,057,850 shares in the last quarter. LPL Financial LLC lifted its stake in Grayscale Bitcoin Trust by 0.4% in the fourth quarter. LPL Financial LLC now owns 1,121,456 shares of the company’s stock valued at $83,010,000 after acquiring an additional 4,728 shares during the last quarter. Greenwich Wealth Management LLC lifted its stake in Grayscale Bitcoin Trust by 99.9% in the third quarter. Greenwich Wealth Management LLC now owns 1,076,820 shares of the company’s stock valued at $54,379,000 after acquiring an additional 538,256 shares during the last quarter. Leigh Baldwin & CO. LLC acquired a new position in shares of Grayscale Bitcoin Trust during the 4th quarter worth about $34,353,000. Finally, Moors & Cabot Inc. lifted its stake in Grayscale Bitcoin Trust by 0.4% in the 3rd quarter. Moors & Cabot Inc. now owns 368,975 shares of the company’s stock valued at $18,633,000 after purchasing an additional 1,305 shares during the last quarter.

Grayscale Bitcoin Trust Company Profile

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.