Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) Hits New 12-Month High – Still a Buy?

Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) shares hit a new 52-week high during trading on Friday . The company traded as high as $96.99 and last traded at $97.27, with a volume of 2249943 shares traded. The stock had previously closed at $94.93.

Grayscale Bitcoin Trust ETF Trading Up 1.5%

The stock has a 50-day simple moving average of $90.02 and a 200 day simple moving average of $82.89. The company has a market cap of $23.20 billion, a price-to-earnings ratio of 2.23 and a beta of 2.47.

Hedge Funds Weigh In On Grayscale Bitcoin Trust ETF

Institutional investors have recently bought and sold shares of the business. First Horizon Advisors Inc. boosted its holdings in shares of Grayscale Bitcoin Trust ETF by 90.9% in the 1st quarter. First Horizon Advisors Inc. now owns 420 shares of the company’s stock valued at $27,000 after acquiring an additional 200 shares during the last quarter. Elevation Point Wealth Partners LLC acquired a new position in Grayscale Bitcoin Trust ETF during the second quarter valued at $33,000. Hurley Capital LLC acquired a new position in Grayscale Bitcoin Trust ETF during the first quarter valued at $34,000. Flaharty Asset Management LLC purchased a new stake in Grayscale Bitcoin Trust ETF in the first quarter valued at $39,000. Finally, Atlantic Union Bankshares Corp purchased a new position in shares of Grayscale Bitcoin Trust ETF during the 2nd quarter valued at about $42,000.

Grayscale Bitcoin Trust ETF Company Profile

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.