iShares Bitcoin Trust ETF (NASDAQ:IBIT) Reaches New 12-Month High – Still a Buy?

Shares of iShares Bitcoin Trust ETF (NASDAQ:IBIT) reached a new 52-week high during trading on Friday . The company traded as high as $70.25 and last traded at $70.24, with a volume of 35142823 shares changing hands. The stock had previously closed at $68.77.

iShares Bitcoin Trust ETF Stock Performance

The business’s 50 day simple moving average is $65.10 and its 200 day simple moving average is $59.82.

Institutional Trading of iShares Bitcoin Trust ETF

Several large investors have recently added to or reduced their stakes in IBIT. Goldman Sachs Group Inc. boosted its position in shares of iShares Bitcoin Trust ETF by 80.3% in the first quarter. Goldman Sachs Group Inc. now owns 30,831,854 shares of the company’s stock worth $1,443,239,000 after buying an additional 13,731,993 shares during the period. Kingstone Capital Partners Texas LLC purchased a new stake in iShares Bitcoin Trust ETF in the 2nd quarter worth about $408,082,000. JPMorgan Chase & Co. boosted its position in iShares Bitcoin Trust ETF by 1,119.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,217,056 shares of the company’s stock worth $196,916,000 after acquiring an additional 2,953,342 shares during the period. BSN CAPITAL PARTNERS Ltd purchased a new position in iShares Bitcoin Trust ETF during the 1st quarter valued at about $133,168,000. Finally, Mint Tower Capital Management B.V. grew its stake in iShares Bitcoin Trust ETF by 1,131.5% during the 2nd quarter. Mint Tower Capital Management B.V. now owns 2,849,285 shares of the company’s stock valued at $174,405,000 after acquiring an additional 2,617,925 shares in the last quarter.

About iShares Bitcoin Trust ETF

The IShares Bitcoin Trust Registered (IBIT) 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 spot price of Bitcoin. IBIT was launched on Jan 5, 2024 and is issued by BlackRock.