Grayscale Bitcoin Trust (NYSEARCA:GBTC) Trading Down 6.5% – What’s Next?

Grayscale Bitcoin Trust (NYSEARCA:GBTC) shares dropped 6.5% during mid-day trading on Monday . The company traded as low as $59.79 and last traded at $62.02. Approximately 1,846,135 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 4,344,842 shares. The stock had previously closed at $66.32.

Grayscale Bitcoin Trust Price Performance

The firm has a 50-day simple moving average of $71.60 and a 200 day simple moving average of $68.87. The stock has a market capitalization of $15.10 billion, a P/E ratio of 2.23 and a beta of 2.59.

Hedge Funds Weigh In On Grayscale Bitcoin Trust

Several large investors have recently modified their holdings of GBTC. Proficio Capital Partners LLC grew its stake in shares of Grayscale Bitcoin Trust by 4,462.7% in the fourth quarter. Proficio Capital Partners LLC now owns 2,103,962 shares of the company’s stock worth $155,735,000 after purchasing an additional 2,057,850 shares during the last quarter. LPL Financial LLC lifted its holdings in Grayscale Bitcoin Trust by 0.4% during the 4th quarter. LPL Financial LLC now owns 1,121,456 shares of the company’s stock worth $83,010,000 after buying an additional 4,728 shares during the period. Leigh Baldwin & CO. LLC bought a new stake in shares of Grayscale Bitcoin Trust in the 4th quarter valued at about $34,353,000. Strategic Financial Concepts LLC acquired a new stake in shares of Grayscale Bitcoin Trust in the fourth quarter valued at about $19,360,000. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Grayscale Bitcoin Trust by 26.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 221,153 shares of the company’s stock worth $16,370,000 after acquiring an additional 46,072 shares during the last quarter.

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.