Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) Shares Gap Down – Time to Sell?

Shares of Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) gapped down prior to trading on Monday . The stock had previously closed at $65.37, but opened at $60.89. Grayscale Bitcoin Trust ETF shares last traded at $61.33, with a volume of 3,719,569 shares traded.

Grayscale Bitcoin Trust ETF Stock Performance

The company has a market capitalization of $14.76 billion, a P/E ratio of 2.23 and a beta of 2.40. The business’s fifty day simple moving average is $70.13 and its 200-day simple moving average is $81.57.

Hedge Funds Weigh In On Grayscale Bitcoin Trust ETF

Institutional investors have recently added to or reduced their stakes in the company. Jump Financial LLC bought a new position in shares of Grayscale Bitcoin Trust ETF during the 3rd quarter valued at approximately $11,599,000. Ieq Capital LLC lifted its position in Grayscale Bitcoin Trust ETF by 400.6% during the second quarter. Ieq Capital LLC now owns 113,310 shares of the company’s stock valued at $9,612,000 after purchasing an additional 90,675 shares during the last quarter. WESCAP Management Group Inc. purchased a new position in shares of Grayscale Bitcoin Trust ETF in the 2nd quarter worth $6,190,000. Palumbo Wealth Management LLC purchased a new position in shares of Grayscale Bitcoin Trust ETF in the 4th quarter worth $4,598,000. Finally, Global Retirement Partners LLC bought a new stake in shares of Grayscale Bitcoin Trust ETF in the 2nd quarter worth about $5,398,000.

Grayscale Bitcoin Trust ETF 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.