iShares Bitcoin Trust (NASDAQ:IBIT) Trading Down 4.3% – Here’s What Happened

iShares Bitcoin Trust (NASDAQ:IBIT) dropped 4.3% on Tuesday . The stock traded as low as $55.20 and last traded at $55.69. Approximately 24,585,041 shares traded hands during trading, a decline of 29% from the average daily volume of 34,660,066 shares. The stock had previously closed at $58.17.

iShares Bitcoin Trust Stock Down 5.4 %

The business has a 50 day simple moving average of $52.34 and a 200-day simple moving average of $41.23.

Hedge Funds Weigh In On iShares Bitcoin Trust

Institutional investors and hedge funds have recently bought and sold shares of the stock. Glass Jacobson Investment Advisors llc acquired a new stake in shares of iShares Bitcoin Trust during the second quarter worth approximately $26,000. Asset Dedication LLC grew its stake in iShares Bitcoin Trust by 52.4% during the 3rd quarter. Asset Dedication LLC now owns 811 shares of the company’s stock worth $29,000 after buying an additional 279 shares during the last quarter. West Financial Advisors LLC acquired a new stake in iShares Bitcoin Trust in the third quarter worth $40,000. Brown Brothers Harriman & Co. bought a new stake in shares of iShares Bitcoin Trust during the 2nd quarter worth about $43,000. Finally, Hollencrest Capital Management increased its stake in shares of iShares Bitcoin Trust by 256.7% during the second quarter. Hollencrest Capital Management now owns 1,327 shares of the company’s stock valued at $45,000 after acquiring an additional 955 shares during the period.

iShares Bitcoin Trust Company Profile

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.