Short Interest in Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) Decreases By 33.1%

Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) saw a large drop in short interest in the month of March. As of March 31st, there was short interest totaling 907,626 shares, a drop of 33.1% from the March 15th total of 1,356,294 shares. Based on an average trading volume of 3,514,132 shares, the days-to-cover ratio is currently 0.3 days. Approximately 0.4% of the shares of the company are sold short.

Hedge Funds Weigh In On Grayscale Bitcoin Trust ETF

Hedge funds have recently made changes to their positions in the business. DRW Securities LLC increased its stake in Grayscale Bitcoin Trust ETF by 1,210.6% in the fourth quarter. DRW Securities LLC now owns 232,691 shares of the company’s stock valued at $15,907,000 after acquiring an additional 214,937 shares during the period. Cetera Investment Advisers lifted its stake in Grayscale Bitcoin Trust ETF by 250.6% during the fourth quarter. Cetera Investment Advisers now owns 184,976 shares of the company’s stock worth $12,645,000 after purchasing an additional 132,219 shares during the period. Jump Financial LLC bought a new position in Grayscale Bitcoin Trust ETF during the third quarter worth about $11,599,000. Ieq Capital LLC boosted its holdings in Grayscale Bitcoin Trust ETF by 400.6% during the second quarter. Ieq Capital LLC now owns 113,310 shares of the company’s stock valued at $9,612,000 after purchasing an additional 90,675 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in Grayscale Bitcoin Trust ETF by 273.0% during the fourth quarter. Renaissance Technologies LLC now owns 120,100 shares of the company’s stock valued at $8,210,000 after purchasing an additional 87,900 shares in the last quarter.

Grayscale Bitcoin Trust ETF Price Performance

Shares of GBTC traded up $0.62 on Tuesday, reaching $57.71. 3,022,620 shares of the stock traded hands, compared to its average volume of 4,499,861. The stock’s 50-day moving average price is $54.00 and its 200-day moving average price is $68.59. The firm has a market cap of $13.89 billion, a price-to-earnings ratio of 2.23 and a beta of 2.24. Grayscale Bitcoin Trust ETF has a 12 month low of $48.56 and a 12 month high of $99.12.

About Grayscale Bitcoin Trust ETF

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.