Grayscale Bitcoin Trust (NYSEARCA:GBTC) Stock Price Down 3.1%

Grayscale Bitcoin Trust (NYSEARCA:GBTC)’s share price dropped 3.1% on Monday . The company traded as low as $54.92 and last traded at $55.00. Approximately 821,413 shares changed hands during mid-day trading, a decline of 95% from the average daily volume of 16,623,836 shares. The stock had previously closed at $56.74.

Grayscale Bitcoin Trust Stock Down 1.2 %

The firm has a market cap of $28.63 billion, a price-to-earnings ratio of 2.72 and a beta of 0.92. The business’s fifty day moving average is $57.89 and its two-hundred day moving average is $43.62.

Hedge Funds Weigh In On Grayscale Bitcoin Trust

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Sloy Dahl & Holst LLC bought a new position in Grayscale Bitcoin Trust in the first quarter valued at approximately $32,959,000. Mad River Investors acquired a new position in shares of Grayscale Bitcoin Trust in the 1st quarter valued at $25,251,000. Global Assets Advisory LLC acquired a new position in shares of Grayscale Bitcoin Trust in the 1st quarter valued at $22,079,000. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Grayscale Bitcoin Trust in the 1st quarter valued at $21,571,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in shares of Grayscale Bitcoin Trust in the 1st quarter valued at $12,210,000.

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.