iShares Bitcoin Trust (NASDAQ:IBIT) Trading 4.4% Higher – Here’s Why

iShares Bitcoin Trust (NASDAQ:IBIT) shares shot up 4.4% during trading on Monday . The stock traded as high as $60.41 and last traded at $59.62. 70,436,318 shares were traded during trading, an increase of 57% from the average session volume of 44,819,953 shares. The stock had previously closed at $57.09.

iShares Bitcoin Trust Stock Performance

The business’s fifty day moving average price is $55.08 and its two-hundred day moving average price is $42.69.

Hedge Funds Weigh In On iShares Bitcoin Trust

Institutional investors have recently bought and sold shares of the stock. Envestnet Asset Management Inc. increased its holdings in shares of iShares Bitcoin Trust by 42.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 108,497 shares of the company’s stock valued at $3,704,000 after acquiring an additional 32,416 shares during the last quarter. Renaissance Technologies LLC acquired a new position in iShares Bitcoin Trust during the second quarter valued at approximately $505,000. Thrivent Financial for Lutherans raised its position in shares of iShares Bitcoin Trust by 12.7% in the second quarter. Thrivent Financial for Lutherans now owns 15,505 shares of the company’s stock valued at $529,000 after purchasing an additional 1,748 shares during the period. 1832 Asset Management L.P. acquired a new stake in shares of iShares Bitcoin Trust in the second quarter worth $216,000. Finally, Bank of Montreal Can boosted its holdings in shares of iShares Bitcoin Trust by 0.5% during the 2nd quarter. Bank of Montreal Can now owns 134,332 shares of the company’s stock worth $4,586,000 after buying an additional 723 shares during the period.

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.