iShares Bitcoin Trust (NASDAQ:IBIT) Trading Up 1.2% – Here’s Why

iShares Bitcoin Trust (NASDAQ:IBIT)’s share price were up 1.2% during trading on Friday . The stock traded as high as $55.47 and last traded at $55.40. Approximately 27,874,101 shares traded hands during trading, a decline of 21% from the average daily volume of 35,102,555 shares. The stock had previously closed at $54.72.

iShares Bitcoin Trust Stock Up 0.2 %

The stock’s 50 day moving average price is $48.75 and its two-hundred day moving average price is $39.95.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of IBIT. Glass Jacobson Investment Advisors llc bought a new stake in shares of iShares Bitcoin Trust in the 2nd quarter valued at approximately $26,000. Asset Dedication LLC raised its position 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 acquiring an additional 279 shares in the last quarter. International Assets Investment Management LLC bought a new position in iShares Bitcoin Trust during the second quarter valued at approximately $31,000. Hantz Financial Services Inc. bought a new position in iShares Bitcoin Trust during the second quarter valued at approximately $36,000. Finally, West Financial Advisors LLC bought a new position in iShares Bitcoin Trust during the third quarter valued at approximately $40,000.

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.