Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) Hits New 12-Month Low – Should You Sell?

Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC)’s share price hit a new 52-week low during mid-day trading on Friday . The company traded as low as $46.61 and last traded at $46.81, with a volume of 2032824 shares traded. The stock had previously closed at $49.34.

Grayscale Bitcoin Trust ETF Stock Performance

The stock has a 50-day simple moving average of $57.77 and a two-hundred day simple moving average of $61.61. The firm has a market cap of $11.09 billion, a PE ratio of 2.23 and a beta of 2.15.

Hedge Funds Weigh In On Grayscale Bitcoin Trust ETF

A number of hedge funds have recently bought and sold shares of the business. Garton & Associates Financial Advisors LLC purchased a new stake in shares of Grayscale Bitcoin Trust ETF during the 4th quarter valued at about $27,000. Holos Integrated Wealth LLC purchased a new stake in shares of Grayscale Bitcoin Trust ETF during the 4th quarter valued at about $28,000. CoreCap Advisors LLC increased its position in shares of Grayscale Bitcoin Trust ETF by 160.9% during the 4th quarter. CoreCap Advisors LLC now owns 441 shares of the company’s stock valued at $30,000 after purchasing an additional 272 shares during the last quarter. Cary Street Partners Investment Advisory LLC purchased a new stake in shares of Grayscale Bitcoin Trust ETF during the 4th quarter valued at about $30,000. Finally, Hollencrest Capital Management increased its position in shares of Grayscale Bitcoin Trust ETF by 480.8% during the 1st quarter. Hollencrest Capital Management now owns 726 shares of the company’s stock valued at $38,000 after purchasing an additional 601 shares during the last quarter.

About Grayscale Bitcoin Trust ETF

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.