iShares Bitcoin Trust (NASDAQ:IBIT) Shares Down 1.3% – Time to Sell?

Shares of iShares Bitcoin Trust (NASDAQ:IBIT) were down 1.3% during mid-day trading on Wednesday . The company traded as low as $53.71 and last traded at $54.06. Approximately 16,354,732 shares were traded during trading, a decline of 58% from the average daily volume of 38,500,570 shares. The stock had previously closed at $54.79.

iShares Bitcoin Trust Stock Up 0.9 %

The firm has a fifty day moving average price of $53.13 and a 200-day moving average price of $41.53.

Institutional Trading of iShares Bitcoin Trust

A number of hedge funds and other institutional investors have recently bought and sold shares of IBIT. Glass Jacobson Investment Advisors llc purchased a new position in shares of iShares Bitcoin Trust during the 2nd quarter valued at $26,000. Asset Dedication LLC boosted its stake in iShares Bitcoin Trust by 52.4% during the third quarter. Asset Dedication LLC now owns 811 shares of the company’s stock valued at $29,000 after buying an additional 279 shares during the period. West Financial Advisors LLC purchased a new position in iShares Bitcoin Trust during the third quarter worth about $40,000. Brown Brothers Harriman & Co. bought a new position in iShares Bitcoin Trust in the 2nd quarter worth about $43,000. Finally, Hollencrest Capital Management grew its holdings in shares of iShares Bitcoin Trust by 256.7% during the second quarter. Hollencrest Capital Management now owns 1,327 shares of the company’s stock worth $45,000 after purchasing an additional 955 shares in the last quarter.

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.