Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) Reaches New 1-Year Low – Should You Sell?

Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) hit a new 52-week low during mid-day trading on Friday . The company traded as low as $46.61 and last traded at $46.81, with a volume of 2032824 shares. The stock had previously closed at $49.34.

Grayscale Bitcoin Trust ETF Trading Down 5.1%

The stock’s fifty day moving average price is $57.60 and its 200-day moving average price is $61.50. The firm has a market cap of $11.27 billion, a price-to-earnings ratio of 2.23 and a beta of 2.15.

Institutional Trading of Grayscale Bitcoin Trust ETF

Hedge funds and other institutional investors have recently made changes to their positions in the company. Foguth Wealth Management LLC. purchased a new position in shares of Grayscale Bitcoin Trust ETF during the 1st quarter worth approximately $387,000. Leigh Baldwin & CO. LLC boosted its position in shares of Grayscale Bitcoin Trust ETF by 10.1% during the 1st quarter. Leigh Baldwin & CO. LLC now owns 6,869 shares of the company’s stock worth $362,000 after purchasing an additional 630 shares during the period. Bank of America Corp DE boosted its position in shares of Grayscale Bitcoin Trust ETF by 53.9% during the 1st quarter. Bank of America Corp DE now owns 4,161 shares of the company’s stock worth $220,000 after purchasing an additional 1,458 shares during the period. Centaurus Financial Inc. boosted its position in shares of Grayscale Bitcoin Trust ETF by 3.9% during the 1st quarter. Centaurus Financial Inc. now owns 9,485 shares of the company’s stock worth $500,000 after purchasing an additional 360 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Grayscale Bitcoin Trust ETF by 592.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 7,224 shares of the company’s stock worth $381,000 after purchasing an additional 6,180 shares during the period.

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.