Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) Reaches New 52-Week Low – Should You Sell?

Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC)’s stock price reached a new 52-week low during trading on Wednesday . The stock traded as low as $45.78 and last traded at $46.19, with a volume of 2337757 shares changing hands. The stock had previously closed at $48.35.

Grayscale Bitcoin Trust ETF Stock Down 4.2%

The stock’s 50 day moving average price is $56.58 and its 200-day moving average price is $59.71. The stock has a market capitalization of $11.15 billion, a P/E ratio of 2.23 and a beta of 2.15.

Institutional Trading of Grayscale Bitcoin Trust ETF

Several hedge funds and other institutional investors have recently bought and sold shares of GBTC. Ashton Thomas Private Wealth LLC bought a new position in shares of Grayscale Bitcoin Trust ETF in the 1st quarter worth $218,000. Northwestern Mutual Wealth Management Co. boosted its position in Grayscale Bitcoin Trust ETF by 63.6% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,156 shares of the company’s stock valued at $183,000 after purchasing an additional 838 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in Grayscale Bitcoin Trust ETF by 431.6% in the second quarter. EverSource Wealth Advisors LLC now owns 1,010 shares of the company’s stock valued at $86,000 after purchasing an additional 820 shares during the last quarter. NewEdge Advisors LLC raised its holdings in Grayscale Bitcoin Trust ETF by 7.6% in the second quarter. NewEdge Advisors LLC now owns 53,577 shares of the company’s stock worth $4,545,000 after purchasing an additional 3,795 shares in the last quarter. Finally, Ieq Capital LLC raised its holdings in Grayscale Bitcoin Trust ETF by 400.6% in the second quarter. Ieq Capital LLC now owns 113,310 shares of the company’s stock worth $9,612,000 after purchasing an additional 90,675 shares in the last quarter.

Grayscale Bitcoin Trust ETF 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.