Grayscale Bitcoin Mini Trust ETF (NYSEARCA:BTC) Shares Gap Up – Still a Buy?

Grayscale Bitcoin Mini Trust ETF (NYSEARCA:BTC)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $30.27, but opened at $31.81. Grayscale Bitcoin Mini Trust ETF shares last traded at $31.64, with a volume of 954,006 shares trading hands.

Grayscale Bitcoin Mini Trust ETF Trading Up 6.0%

The business’s fifty day simple moving average is $28.30 and its two-hundred day simple moving average is $30.51.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Wells Fargo & Company MN lifted its position in Grayscale Bitcoin Mini Trust ETF by 157.6% in the fourth quarter. Wells Fargo & Company MN now owns 1,472,684 shares of the company’s stock valued at $57,037,000 after acquiring an additional 900,987 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Grayscale Bitcoin Mini Trust ETF by 26.7% during the fourth quarter. Millennium Management LLC now owns 3,167,718 shares of the company’s stock worth $122,686,000 after purchasing an additional 667,553 shares during the last quarter. NewEdge Wealth LLC grew its holdings in shares of Grayscale Bitcoin Mini Trust ETF by 3,052.8% during the first quarter. NewEdge Wealth LLC now owns 383,564 shares of the company’s stock worth $11,503,000 after purchasing an additional 371,398 shares during the last quarter. Steward Partners Investment Advisory LLC grew its holdings in shares of Grayscale Bitcoin Mini Trust ETF by 20.4% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,297,393 shares of the company’s stock worth $50,248,000 after purchasing an additional 220,174 shares during the last quarter. Finally, Pacific Excel Wealth Advisors Inc. acquired a new stake in shares of Grayscale Bitcoin Mini Trust ETF during the second quarter worth about $5,332,000. 27.38% of the stock is owned by hedge funds and other institutional investors.

About Grayscale Bitcoin Mini Trust ETF

The Grayscale Bitcoin Mini Trust ETF (BTC) is an exchange-traded fund that is based on the CoinDesk Bitcoin Cash Price index. The fund is passively managed, offering exposure to the daily USD spot price of Bitcoin, less expenses and liabilities. An investment in the fund is not a direct investment in Bitcoin. BTC was launched on Jul 31, 2024 and is issued by Grayscale.