iShares Bitcoin Trust (NASDAQ:IBIT) Shares Down 3.5% – Time to Sell?

Shares of iShares Bitcoin Trust (NASDAQ:IBIT) traded down 3.5% on Monday . The company traded as low as $57.07 and last traded at $57.61. 21,943,202 shares traded hands during trading, a decline of 55% from the average session volume of 48,676,160 shares. The stock had previously closed at $59.70.

iShares Bitcoin Trust Trading Up 3.1 %

The stock has a fifty day moving average of $55.98 and a two-hundred day moving average of $43.80.

Institutional Investors Weigh In On iShares Bitcoin Trust

A number of hedge funds have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. boosted its position in iShares Bitcoin Trust by 42.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 108,497 shares of the company’s stock valued at $3,704,000 after buying an additional 32,416 shares during the last quarter. Renaissance Technologies LLC bought a new position in iShares Bitcoin Trust in the second quarter valued at about $505,000. Thrivent Financial for Lutherans increased its position in iShares Bitcoin Trust by 12.7% in the second quarter. Thrivent Financial for Lutherans now owns 15,505 shares of the company’s stock worth $529,000 after purchasing an additional 1,748 shares during the period. Bank of Montreal Can increased its position in iShares Bitcoin Trust by 0.5% in the second quarter. Bank of Montreal Can now owns 134,332 shares of the company’s stock worth $4,586,000 after purchasing an additional 723 shares during the period. Finally, Marshall Wace LLP bought a new stake in iShares Bitcoin Trust during the 2nd quarter worth about $3,581,000.

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.