Bitwise Bitcoin ETF (NYSEARCA:BITB) Shares Gap Up – Still a Buy?

Bitwise Bitcoin ETF (NYSEARCA:BITB) shares gapped up prior to trading on Thursday . The stock had previously closed at $37.16, but opened at $39.04. Bitwise Bitcoin ETF shares last traded at $38.81, with a volume of 802,969 shares changing hands.

Bitwise Bitcoin ETF Trading Up 6.0%

The business has a fifty day simple moving average of $34.48 and a 200-day simple moving average of $37.46.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Brighton Jones LLC bought a new stake in Bitwise Bitcoin ETF in the fourth quarter valued at $516,000. Focus Partners Wealth boosted its position in shares of Bitwise Bitcoin ETF by 0.8% during the 1st quarter. Focus Partners Wealth now owns 29,358 shares of the company’s stock worth $1,318,000 after purchasing an additional 244 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Bitwise Bitcoin ETF by 1,519.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 50,076 shares of the company’s stock valued at $2,934,000 after buying an additional 46,983 shares during the period. CW Advisors LLC acquired a new stake in shares of Bitwise Bitcoin ETF in the 2nd quarter valued at about $228,000. Finally, First Trust Advisors LP increased its position in Bitwise Bitcoin ETF by 21.9% in the 2nd quarter. First Trust Advisors LP now owns 102,571 shares of the company’s stock valued at $6,010,000 after buying an additional 18,397 shares in the last quarter.

About Bitwise Bitcoin ETF

The Bitwise Bitcoin ETF Trust (BITB) 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 price performance of spot Bitcoin (BTC). It will hold Bitcoin directly, secured through a multi-layer cold storage wallet. BITB was launched on Jan 10, 2024 and is issued by Bitwise.