Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) Hits New 1-Year Low – Should You Sell?

Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC)’s stock price hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $45.78 and last traded at $46.19, with a volume of 2337757 shares changing hands. The stock had previously closed at $48.35.

Grayscale Bitcoin Trust ETF Trading Up 0.9%

The company’s 50 day simple moving average is $56.13 and its 200-day simple moving average is $59.35. The firm has a market cap of $11.15 billion, a P/E ratio of 2.23 and a beta of 2.15.

Hedge Funds Weigh In On Grayscale Bitcoin Trust ETF

Institutional investors and hedge funds have recently modified their holdings of the company. DRW Securities LLC lifted its holdings 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 grew its stake in shares of Grayscale Bitcoin Trust ETF by 250.6% during the 4th quarter. Cetera Investment Advisers now owns 184,976 shares of the company’s stock valued at $12,645,000 after purchasing an additional 132,219 shares during the period. Jump Financial LLC purchased a new stake in shares of Grayscale Bitcoin Trust ETF during the 3rd quarter valued at about $11,599,000. Ieq Capital LLC lifted its stake in shares of Grayscale Bitcoin Trust ETF by 400.6% in the 2nd quarter. Ieq Capital LLC now owns 113,310 shares of the company’s stock worth $9,612,000 after purchasing an additional 90,675 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in shares of Grayscale Bitcoin Trust ETF by 273.0% in the 4th quarter. Renaissance Technologies LLC now owns 120,100 shares of the company’s stock worth $8,210,000 after purchasing an additional 87,900 shares during the period.

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.