Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) Shares Gap Up – Time to Buy?

Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $66.11, but opened at $68.84. Grayscale Bitcoin Trust ETF shares last traded at $68.9020, with a volume of 1,695,716 shares traded.

Grayscale Bitcoin Trust ETF Stock Up 2.9%

The stock has a market cap of $16.38 billion, a price-to-earnings ratio of 2.23 and a beta of 2.40. The company’s 50-day moving average is $77.39 and its 200-day moving average is $84.87.

Hedge Funds Weigh In On Grayscale Bitcoin Trust ETF

Hedge funds and other institutional investors have recently modified their holdings of the stock. Advyzon Investment Management LLC bought a new position in Grayscale Bitcoin Trust ETF during the 2nd quarter worth approximately $1,091,000. B. Riley Wealth Advisors Inc. bought a new position in shares of Grayscale Bitcoin Trust ETF during the second quarter worth $2,779,000. Bessemer Group Inc. bought a new position in shares of Grayscale Bitcoin Trust ETF during the second quarter worth $356,000. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Grayscale Bitcoin Trust ETF by 34.9% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,318 shares of the company’s stock valued at $86,000 after buying an additional 341 shares during the period. Finally, Integrity Alliance LLC. bought a new stake in shares of Grayscale Bitcoin Trust ETF in the 1st quarter valued at $216,000.

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.