Grayscale Bitcoin Trust (NYSEARCA:GBTC) Shares Gap Up – Time to Buy?

Grayscale Bitcoin Trust (NYSEARCA:GBTC) gapped up prior to trading on Tuesday . The stock had previously closed at $73.71, but opened at $76.79. Grayscale Bitcoin Trust shares last traded at $77.31, with a volume of 630,152 shares.

Grayscale Bitcoin Trust Price Performance

The company has a market capitalization of $40.07 billion, a P/E ratio of 2.29 and a beta of 1.25. The company has a 50 day moving average of $68.98 and a 200-day moving average of $57.58.

Institutional Investors Weigh In On Grayscale Bitcoin Trust

A number of large investors have recently made changes to their positions in GBTC. Greenwich Wealth Management LLC lifted its stake in Grayscale Bitcoin Trust by 99.9% in the third quarter. Greenwich Wealth Management LLC now owns 1,076,820 shares of the company’s stock worth $54,379,000 after acquiring an additional 538,256 shares during the period. LPL Financial LLC lifted its position in shares of Grayscale Bitcoin Trust by 7.1% in the 2nd quarter. LPL Financial LLC now owns 1,030,932 shares of the company’s stock worth $54,887,000 after purchasing an additional 68,698 shares during the period. Mad River Investors boosted its stake in shares of Grayscale Bitcoin Trust by 26.7% during the 3rd quarter. Mad River Investors now owns 389,745 shares of the company’s stock valued at $19,682,000 after purchasing an additional 82,187 shares in the last quarter. Moors & Cabot Inc. increased its position in shares of Grayscale Bitcoin Trust by 0.4% during the third quarter. Moors & Cabot Inc. now owns 368,975 shares of the company’s stock valued at $18,633,000 after buying an additional 1,305 shares during the period. Finally, Magnolia Capital Advisors LLC bought a new position in Grayscale Bitcoin Trust in the second quarter worth about $14,810,000.

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.