Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) Shares Gap Up – Here’s What Happened

Shares of Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) gapped up before the market opened on Thursday . The stock had previously closed at $53.00, but opened at $55.67. Grayscale Bitcoin Trust ETF shares last traded at $55.34, with a volume of 1,221,055 shares.

Grayscale Bitcoin Trust ETF Trading Up 6.0%

The firm has a market capitalization of $11.57 billion, a PE ratio of 2.23 and a beta of 2.17. The firm has a 50-day moving average of $49.58 and a two-hundred day moving average of $53.59.

Institutional Investors Weigh In On Grayscale Bitcoin Trust ETF

Several institutional investors and hedge funds have recently added to or reduced their stakes in GBTC. Bank of America Corp DE grew its holdings in shares of Grayscale Bitcoin Trust ETF by 5.5% during the 2nd quarter. Bank of America Corp DE now owns 2,386 shares of the company’s stock worth $202,000 after purchasing an additional 125 shares during the period. Great Valley Advisor Group Inc. increased its position in Grayscale Bitcoin Trust ETF by 2.1% during the 2nd quarter. Great Valley Advisor Group Inc. now owns 5,942 shares of the company’s stock worth $504,000 after purchasing an additional 125 shares in the last quarter. EP Wealth Advisors LLC raised its holdings in Grayscale Bitcoin Trust ETF by 1.5% in the second quarter. EP Wealth Advisors LLC now owns 8,952 shares of the company’s stock valued at $759,000 after buying an additional 130 shares during the period. Citizens Financial Group Inc. RI raised its holdings in Grayscale Bitcoin Trust ETF by 1.3% in the first quarter. Citizens Financial Group Inc. RI now owns 13,727 shares of the company’s stock valued at $724,000 after buying an additional 180 shares during the period. Finally, North Star Investment Management Corp. raised its holdings in Grayscale Bitcoin Trust ETF by 5.4% in the first quarter. North Star Investment Management Corp. now owns 3,789 shares of the company’s stock valued at $200,000 after buying an additional 195 shares during the period.

About Grayscale Bitcoin Trust ETF

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.