iShares Bitcoin Trust (NASDAQ:IBIT) Stock Price Up 3.1% – Still a Buy?

iShares Bitcoin Trust (NASDAQ:IBIT)’s share price shot up 3.1% during trading on Wednesday . The company traded as high as $56.83 and last traded at $56.52. 20,593,695 shares traded hands during trading, a decline of 49% from the average session volume of 40,448,699 shares. The stock had previously closed at $54.83.

iShares Bitcoin Trust Price Performance

The business has a 50-day simple moving average of $54.03 and a 200 day simple moving average of $42.03.

Institutional Investors Weigh In On iShares Bitcoin Trust

Several institutional investors have recently modified their holdings of IBIT. Glass Jacobson Investment Advisors llc bought a new stake in iShares Bitcoin Trust during the 2nd quarter valued at $26,000. Asset Dedication LLC lifted its holdings in shares of iShares Bitcoin Trust by 52.4% in the 3rd quarter. Asset Dedication LLC now owns 811 shares of the company’s stock valued at $29,000 after buying an additional 279 shares during the period. PSI Advisors LLC acquired a new position in iShares Bitcoin Trust in the 4th quarter worth about $30,000. West Financial Advisors LLC acquired a new position in shares of iShares Bitcoin Trust during the third quarter valued at approximately $40,000. Finally, Brown Brothers Harriman & Co. acquired a new position in shares of iShares Bitcoin Trust during the second quarter valued at approximately $43,000.

About iShares Bitcoin Trust

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.