Grayscale Bitcoin Trust (NYSEARCA:GBTC) Hits New 12-Month High – Should You Buy?

Grayscale Bitcoin Trust (NYSEARCA:GBTC) reached a new 52-week high during trading on Monday . The stock traded as high as $82.64 and last traded at $82.64, with a volume of 62443 shares trading hands. The stock had previously closed at $80.77.

Grayscale Bitcoin Trust Trading Up 0.8 %

The stock has a market cap of $43.26 billion, a P/E ratio of 2.29 and a beta of 1.25. The company has a 50 day simple moving average of $66.33 and a 200 day simple moving average of $57.07.

Institutional Investors Weigh In On Grayscale Bitcoin Trust

Several institutional investors have recently bought and sold shares of the company. Synovus Financial Corp lifted its stake in Grayscale Bitcoin Trust by 0.8% in the 3rd quarter. Synovus Financial Corp now owns 20,956 shares of the company’s stock valued at $1,058,000 after acquiring an additional 169 shares in the last quarter. Wilmington Savings Fund Society FSB raised its stake in shares of Grayscale Bitcoin Trust by 233.8% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 22,630 shares of the company’s stock worth $1,143,000 after purchasing an additional 15,850 shares in the last quarter. Sanctuary Advisors LLC raised its stake in shares of Grayscale Bitcoin Trust by 16.7% during the 3rd quarter. Sanctuary Advisors LLC now owns 38,588 shares of the company’s stock worth $1,949,000 after purchasing an additional 5,524 shares in the last quarter. Soltis Investment Advisors LLC raised its stake in shares of Grayscale Bitcoin Trust by 7.5% during the 3rd quarter. Soltis Investment Advisors LLC now owns 19,820 shares of the company’s stock worth $1,001,000 after purchasing an additional 1,379 shares in the last quarter. Finally, Fortem Financial Group LLC raised its stake in shares of Grayscale Bitcoin Trust by 2.1% during the 3rd quarter. Fortem Financial Group LLC now owns 24,750 shares of the company’s stock worth $1,250,000 after purchasing an additional 500 shares in the last quarter.

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.