Grayscale Bitcoin Trust (NYSEARCA:GBTC) Shares Gap Down – Here’s Why

Shares of Grayscale Bitcoin Trust (NYSEARCA:GBTC) gapped down prior to trading on Thursday . The stock had previously closed at $78.45, but opened at $75.92. Grayscale Bitcoin Trust shares last traded at $75.56, with a volume of 294,410 shares trading hands.

Grayscale Bitcoin Trust Stock Performance

The firm has a market capitalization of $38.24 billion, a PE ratio of 2.29 and a beta of 1.25. The stock’s 50 day simple moving average is $70.33 and its two-hundred day simple moving average is $57.94.

Institutional Trading of Grayscale Bitcoin Trust

A number of hedge funds and other institutional investors have recently modified their holdings of GBTC. West Oak Capital LLC grew its holdings in shares of Grayscale Bitcoin Trust by 100.0% in the third quarter. West Oak Capital LLC now owns 640 shares of the company’s stock valued at $32,000 after purchasing an additional 320 shares during the period. Asset Dedication LLC purchased a new stake in shares of Grayscale Bitcoin Trust in the 2nd quarter valued at approximately $40,000. Hollencrest Capital Management grew its stake in shares of Grayscale Bitcoin Trust by 88.9% in the 2nd quarter. Hollencrest Capital Management now owns 850 shares of the company’s stock valued at $45,000 after buying an additional 400 shares during the period. ORG Wealth Partners LLC acquired a new stake in shares of Grayscale Bitcoin Trust during the 3rd quarter worth approximately $46,000. Finally, Future Financial Wealth Managment LLC purchased a new stake in shares of Grayscale Bitcoin Trust during the 3rd quarter valued at approximately $50,000.

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.