Meridian Wealth Management LLC Takes Position in Grayscale Bitcoin Trust (NYSEARCA:GBTC)

Meridian Wealth Management LLC bought a new stake in shares of Grayscale Bitcoin Trust (NYSEARCA:GBTC) during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 23,300 shares of the company’s stock, valued at approximately $1,177,000.

Several other hedge funds also recently bought and sold shares of the stock. DHJJ Financial Advisors Ltd. purchased a new stake in Grayscale Bitcoin Trust during the 2nd quarter worth about $26,000. Global Wealth Strategies & Associates purchased a new stake in shares of Grayscale Bitcoin Trust during the second quarter worth about $27,000. ZRC Wealth Management LLC acquired a new position in shares of Grayscale Bitcoin Trust in the second quarter valued at approximately $29,000. Avondale Wealth Management purchased a new position in shares of Grayscale Bitcoin Trust during the second quarter valued at approximately $33,000. Finally, West Oak Capital LLC boosted its position in Grayscale Bitcoin Trust by 100.0% during the third quarter. West Oak Capital LLC now owns 640 shares of the company’s stock worth $32,000 after acquiring an additional 320 shares during the last quarter.

Grayscale Bitcoin Trust Stock Performance

GBTC stock opened at $78.87 on Friday. Grayscale Bitcoin Trust has a one year low of $29.88 and a one year high of $79.34. The stock has a market capitalization of $40.28 billion, a P/E ratio of 2.29 and a beta of 1.25. The company has a 50 day moving average price of $56.59 and a two-hundred day moving average price of $54.80.

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.