Grayscale Bitcoin Trust (NYSEARCA:GBTC) Shares Gap Down to $49.87

Shares of Grayscale Bitcoin Trust (NYSEARCA:GBTC) gapped down prior to trading on Monday . The stock had previously closed at $49.87, but opened at $39.58. Grayscale Bitcoin Trust shares last traded at $41.78, with a volume of 3,594,112 shares trading hands.

Grayscale Bitcoin Trust Trading Up 1.3 %

The firm’s 50 day simple moving average is $56.14 and its 200-day simple moving average is $54.54. The stock has a market capitalization of $23.44 billion, a price-to-earnings ratio of 2.29 and a beta of 1.25.

Institutional Investors Weigh In On Grayscale Bitcoin Trust

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GBTC. Choreo LLC grew its position in shares of Grayscale Bitcoin Trust by 40.6% in the 2nd quarter. Choreo LLC now owns 28,220 shares of the company’s stock valued at $1,581,000 after acquiring an additional 8,156 shares during the period. Vista Finance LLC bought a new position in shares of Grayscale Bitcoin Trust in the 2nd quarter valued at about $664,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Grayscale Bitcoin Trust in the 2nd quarter valued at about $118,000. HCR Wealth Advisors grew its stake in Grayscale Bitcoin Trust by 2.0% in the 2nd quarter. HCR Wealth Advisors now owns 28,130 shares of the company’s stock valued at $1,498,000 after buying an additional 555 shares during the last quarter. Finally, Asset Dedication LLC acquired a new position in Grayscale Bitcoin Trust in the 2nd quarter valued at about $40,000.

About Grayscale Bitcoin Trust

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.