iShares Bitcoin Trust (NASDAQ:IBIT) Trading 0.9% Higher – Should You Buy?

iShares Bitcoin Trust (NASDAQ:IBIT) were up 0.9% on Friday . The company traded as high as $57.80 and last traded at $57.45. Approximately 9,466,607 shares traded hands during trading, a decline of 73% from the average daily volume of 34,496,227 shares. The stock had previously closed at $56.92.

iShares Bitcoin Trust Price Performance

The firm’s fifty day moving average is $46.07 and its two-hundred day moving average is $39.18.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in IBIT. Garden State Investment Advisory Services LLC acquired a new stake in iShares Bitcoin Trust in the 3rd quarter valued at about $656,000. Franklin Resources Inc. acquired a new stake in shares of iShares Bitcoin Trust in the third quarter valued at about $1,107,000. Tidal Investments LLC boosted its stake in iShares Bitcoin Trust by 12.4% during the 3rd quarter. Tidal Investments LLC now owns 228,354 shares of the company’s stock valued at $8,250,000 after purchasing an additional 25,232 shares during the period. World Investment Advisors LLC grew its holdings in iShares Bitcoin Trust by 31.1% in the 3rd quarter. World Investment Advisors LLC now owns 11,888 shares of the company’s stock valued at $430,000 after buying an additional 2,823 shares during the last quarter. Finally, Sanctuary Advisors LLC increased its position in iShares Bitcoin Trust by 723.2% in the 3rd quarter. Sanctuary Advisors LLC now owns 88,811 shares of the company’s stock worth $3,209,000 after buying an additional 78,022 shares during the period.

iShares Bitcoin Trust Company Profile

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.