Grayscale Bitcoin Trust (NYSEARCA:GBTC) Shares Gap Down – Should You Sell?

Grayscale Bitcoin Trust (NYSEARCA:GBTC) shares gapped down before the market opened on Thursday . The stock had previously closed at $78.45, but opened at $75.92. Grayscale Bitcoin Trust shares last traded at $75.56, with a volume of 294,410 shares trading hands.

Grayscale Bitcoin Trust Stock Down 3.0 %

The company has a market cap of $38.87 billion, a PE ratio of 2.29 and a beta of 1.25. The firm’s 50-day moving average is $69.48 and its 200-day moving average is $57.73.

Institutional Investors Weigh In On Grayscale Bitcoin Trust

Several hedge funds have recently made changes to their positions in GBTC. Bleakley Financial Group LLC lifted its position in Grayscale Bitcoin Trust by 2.3% during the third quarter. Bleakley Financial Group LLC now owns 60,389 shares of the company’s stock valued at $3,050,000 after buying an additional 1,349 shares during the period. ORG Wealth Partners LLC purchased a new position in Grayscale Bitcoin Trust during the 3rd quarter valued at about $46,000. Private Advisor Group LLC lifted its position in Grayscale Bitcoin Trust by 46.4% during the 2nd quarter. Private Advisor Group LLC now owns 32,295 shares of the company’s stock valued at $1,720,000 after acquiring an additional 10,243 shares during the period. Sound Income Strategies LLC boosted its stake in Grayscale Bitcoin Trust by 6.3% during the third quarter. Sound Income Strategies LLC now owns 4,651 shares of the company’s stock worth $235,000 after acquiring an additional 276 shares in the last quarter. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors grew its holdings in Grayscale Bitcoin Trust by 5.2% in the third quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 6,842 shares of the company’s stock worth $346,000 after purchasing an additional 340 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.