iShares Bitcoin Trust (NASDAQ:IBIT) Shares Gap Up – Time to Buy?

iShares Bitcoin Trust (NASDAQ:IBIT)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $53.05, but opened at $54.90. iShares Bitcoin Trust shares last traded at $55.33, with a volume of 12,188,102 shares traded.

iShares Bitcoin Trust Stock Performance

The stock has a 50-day simple moving average of $51.28 and a 200 day simple moving average of $40.80.

Hedge Funds Weigh In On iShares Bitcoin Trust

A number of institutional investors and hedge funds have recently bought and sold shares of IBIT. Vienna Asset Management LLC raised its stake in shares of iShares Bitcoin Trust by 131.6% in the third quarter. Vienna Asset Management LLC now owns 26,642 shares of the company’s stock valued at $963,000 after purchasing an additional 15,137 shares in the last quarter. Garden State Investment Advisory Services LLC acquired a new position in shares of iShares Bitcoin Trust in the 3rd quarter valued at $656,000. B. Riley Wealth Advisors Inc. lifted its holdings in shares of iShares Bitcoin Trust by 32.2% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 38,078 shares of the company’s stock worth $1,357,000 after acquiring an additional 9,266 shares during the period. Capstone Investment Advisors LLC acquired a new stake in shares of iShares Bitcoin Trust during the 3rd quarter valued at about $11,507,000. Finally, Marathon Trading Investment Management LLC increased its stake in iShares Bitcoin Trust by 238.4% in the third quarter. Marathon Trading Investment Management LLC now owns 77,600 shares of the company’s stock valued at $2,804,000 after acquiring an additional 54,671 shares during the period.

About iShares Bitcoin Trust

The IShares Bitcoin Trust Registered (IBIT) is an exchange-traded fund that mostly invests in long btc, short usd currency. The fund is a passively managed fund that seeks to track the spot price of Bitcoin. IBIT was launched on Jan 5, 2024 and is issued by BlackRock.