Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) Shares Gap Up – Still a Buy?

Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) shares gapped up prior to trading on Thursday . The stock had previously closed at $53.00, but opened at $55.67. Grayscale Bitcoin Trust ETF shares last traded at $55.34, with a volume of 1,221,055 shares.

Grayscale Bitcoin Trust ETF Trading Up 6.0%

The business’s fifty day simple moving average is $49.24 and its 200-day simple moving average is $53.61. The firm has a market cap of $10.90 billion, a P/E ratio of 2.23 and a beta of 2.17.

Institutional Trading of Grayscale Bitcoin Trust ETF

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Garton & Associates Financial Advisors LLC purchased a new position in Grayscale Bitcoin Trust ETF during the 4th quarter valued at about $27,000. Cary Street Partners Investment Advisory LLC purchased a new stake in shares of Grayscale Bitcoin Trust ETF in the fourth quarter worth about $30,000. Hollencrest Capital Management boosted its position in shares of Grayscale Bitcoin Trust ETF by 480.8% in the first quarter. Hollencrest Capital Management now owns 726 shares of the company’s stock valued at $38,000 after acquiring an additional 601 shares during the period. RHL Group LLC purchased a new position in Grayscale Bitcoin Trust ETF during the fourth quarter valued at approximately $43,000. Finally, Quattro Advisors LLC purchased a new position in Grayscale Bitcoin Trust ETF during the fourth quarter valued at approximately $52,000.

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.