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

Grayscale Bitcoin Trust (NYSEARCA:GBTC) shares gapped down prior to trading on Tuesday . The stock had previously closed at $74.34, but opened at $70.53. Grayscale Bitcoin Trust shares last traded at $68.58, with a volume of 1,020,134 shares changing hands.

Grayscale Bitcoin Trust Stock Performance

The firm has a market cap of $17.44 billion, a price-to-earnings ratio of 2.23 and a beta of 2.51. The firm has a fifty day simple moving average of $77.95 and a 200-day simple moving average of $64.78.

Institutional Investors Weigh In On Grayscale Bitcoin Trust

Hedge funds and other institutional investors have recently modified their holdings of the company. Proficio Capital Partners LLC lifted its position in shares of Grayscale Bitcoin Trust by 4,462.7% during the 4th quarter. Proficio Capital Partners LLC now owns 2,103,962 shares of the company’s stock valued at $155,735,000 after acquiring an additional 2,057,850 shares during the period. LPL Financial LLC lifted its holdings in shares of Grayscale Bitcoin Trust by 0.4% in the fourth quarter. LPL Financial LLC now owns 1,121,456 shares of the company’s stock worth $83,010,000 after acquiring an additional 4,728 shares during the last quarter. Greenwich Wealth Management LLC increased its position in Grayscale Bitcoin Trust by 99.9% during the 3rd quarter. Greenwich Wealth Management LLC now owns 1,076,820 shares of the company’s stock worth $54,379,000 after purchasing an additional 538,256 shares in the last quarter. Leigh Baldwin & CO. LLC bought a new stake in shares of Grayscale Bitcoin Trust during the fourth quarter worth $34,353,000. Finally, Moors & Cabot Inc. lifted its stake in shares of Grayscale Bitcoin Trust by 0.4% in the 3rd quarter. Moors & Cabot Inc. now owns 368,975 shares of the company’s stock valued at $18,633,000 after acquiring an additional 1,305 shares during the last quarter.

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.