Grayscale Bitcoin Trust (NYSEARCA:GBTC) Shares Gap Up – Still a Buy?

Grayscale Bitcoin Trust (NYSEARCA:GBTC) gapped up before the market opened on Wednesday . The stock had previously closed at $72.17, but opened at $74.82. Grayscale Bitcoin Trust shares last traded at $74.82, with a volume of 151,012 shares.

Grayscale Bitcoin Trust Price Performance

The stock’s 50-day moving average is $57.66 and its 200 day moving average is $55.06. The stock has a market cap of $38.84 billion, a price-to-earnings ratio of 2.29 and a beta of 1.25.

Institutional Trading of Grayscale Bitcoin Trust

Hedge funds have recently modified their holdings of the business. Synovus Financial Corp increased its holdings in shares of Grayscale Bitcoin Trust by 0.8% in the 3rd quarter. Synovus Financial Corp now owns 20,956 shares of the company’s stock valued at $1,058,000 after purchasing an additional 169 shares in the last quarter. Wilmington Savings Fund Society FSB increased its holdings in Grayscale Bitcoin Trust by 233.8% in the third quarter. Wilmington Savings Fund Society FSB now owns 22,630 shares of the company’s stock valued at $1,143,000 after buying an additional 15,850 shares in the last quarter. Sanctuary Advisors LLC lifted its position in shares of Grayscale Bitcoin Trust by 16.7% during the 3rd quarter. Sanctuary Advisors LLC now owns 38,588 shares of the company’s stock valued at $1,949,000 after acquiring an additional 5,524 shares during the period. Soltis Investment Advisors LLC lifted its position in shares of Grayscale Bitcoin Trust by 7.5% during the 3rd quarter. Soltis Investment Advisors LLC now owns 19,820 shares of the company’s stock valued at $1,001,000 after acquiring an additional 1,379 shares during the period. Finally, Fortem Financial Group LLC grew its holdings in shares of Grayscale Bitcoin Trust by 2.1% in the 3rd quarter. Fortem Financial Group LLC now owns 24,750 shares of the company’s stock worth $1,250,000 after acquiring an additional 500 shares during the period.

Grayscale Bitcoin Trust 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.