iShares Bitcoin Trust (NASDAQ:IBIT) Stock Price Down 2.4% – Here’s What Happened

iShares Bitcoin Trust (NASDAQ:IBIT)’s stock price dropped 2.4% during mid-day trading on Monday . The company traded as low as $50.69 and last traded at $52.53. Approximately 23,994,427 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 41,735,969 shares. The stock had previously closed at $53.84.

iShares Bitcoin Trust Stock Performance

The firm has a 50-day moving average of $53.42 and a 200 day moving average of $41.76.

Hedge Funds Weigh In On iShares Bitcoin Trust

Several institutional investors have recently made changes to their positions in the stock. Glass Jacobson Investment Advisors llc acquired a new position in shares of iShares Bitcoin Trust during the second quarter valued at about $26,000. Asset Dedication LLC increased its holdings in iShares Bitcoin Trust by 52.4% during the 3rd quarter. Asset Dedication LLC now owns 811 shares of the company’s stock worth $29,000 after purchasing an additional 279 shares in the last quarter. West Financial Advisors LLC purchased a new stake in shares of iShares Bitcoin Trust in the third quarter worth approximately $40,000. Brown Brothers Harriman & Co. purchased a new position in shares of iShares Bitcoin Trust during the second quarter valued at approximately $43,000. Finally, Hollencrest Capital Management grew its holdings in iShares Bitcoin Trust by 256.7% during the second quarter. Hollencrest Capital Management now owns 1,327 shares of the company’s stock worth $45,000 after buying an additional 955 shares in the last quarter.

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.