Sandy Spring Bank Cuts Stake in Grayscale Bitcoin Trust (NYSEARCA:GBTC)

Sandy Spring Bank reduced its stake in Grayscale Bitcoin Trust (NYSEARCA:GBTC) by 56.5% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 879 shares of the company’s stock after selling 1,140 shares during the quarter. Sandy Spring Bank’s holdings in Grayscale Bitcoin Trust were worth $65,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GBTC. Proficio Capital Partners LLC boosted its holdings in shares of Grayscale Bitcoin Trust by 4,462.7% in the 4th quarter. Proficio Capital Partners LLC now owns 2,103,962 shares of the company’s stock worth $155,735,000 after buying an additional 2,057,850 shares during the last quarter. Strategic Financial Concepts LLC purchased a new position in shares of Grayscale Bitcoin Trust in the 4th quarter worth about $19,360,000. SLT Holdings LLC bought a new stake in Grayscale Bitcoin Trust in the 4th quarter valued at about $10,203,000. Citrine Capital LLC bought a new stake in Grayscale Bitcoin Trust in the 4th quarter valued at about $7,721,000. Finally, Variant Private Wealth LLC bought a new stake in Grayscale Bitcoin Trust in the 4th quarter valued at about $7,113,000.

Grayscale Bitcoin Trust Stock Performance

Shares of Grayscale Bitcoin Trust stock opened at $66.32 on Friday. Grayscale Bitcoin Trust has a 52-week low of $39.56 and a 52-week high of $86.11. The stock’s 50-day simple moving average is $74.24 and its 200 day simple moving average is $67.21. The stock has a market capitalization of $16.41 billion, a P/E ratio of 2.23 and a beta of 2.59.

About Grayscale Bitcoin Trust

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.