Grayscale Bitcoin Trust (NYSEARCA:GBTC) Shares Gap Up to $53.24

Grayscale Bitcoin Trust (NYSEARCA:GBTC) gapped up prior to trading on Monday . The stock had previously closed at $53.24, but opened at $55.87. Grayscale Bitcoin Trust shares last traded at $55.64, with a volume of 543,930 shares changing hands.

Grayscale Bitcoin Trust Trading Up 4.3 %

The stock’s fifty day simple moving average is $58.01 and its 200 day simple moving average is $51.51. The company has a market cap of $28.37 billion, a price-to-earnings ratio of 2.29 and a beta of 1.25.

Institutional Trading of Grayscale Bitcoin Trust

A number of hedge funds and other institutional investors have recently modified their holdings of GBTC. Jane Street Group LLC acquired a new stake in Grayscale Bitcoin Trust in the 1st quarter valued at approximately $117,350,000. Farallon Capital Management LLC purchased a new stake in shares of Grayscale Bitcoin Trust in the 1st quarter valued at $85,221,000. Sloy Dahl & Holst LLC acquired a new position in Grayscale Bitcoin Trust during the 1st quarter worth about $32,959,000. Bracebridge Capital LLC purchased a new position in Grayscale Bitcoin Trust during the 1st quarter valued at about $26,526,000. Finally, Mad River Investors purchased a new position in Grayscale Bitcoin Trust during the 1st quarter valued at about $25,251,000.

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.