iShares Bitcoin Trust (NASDAQ:IBIT) Stock Price Down 0.9% – Here’s Why

iShares Bitcoin Trust (NASDAQ:IBIT)’s share price fell 0.9% on Wednesday . The company traded as low as $52.90 and last traded at $53.05. 29,997,555 shares traded hands during trading, a decline of 15% from the average session volume of 35,205,520 shares. The stock had previously closed at $53.55.

iShares Bitcoin Trust Stock Performance

The company’s 50 day moving average price is $51.61 and its 200-day moving average price is $40.90.

Hedge Funds Weigh In On iShares Bitcoin Trust

Several institutional investors and hedge funds have recently bought and sold shares of the company. Glass Jacobson Investment Advisors llc bought a new position in shares of iShares Bitcoin Trust during the 2nd quarter worth $26,000. Asset Dedication LLC lifted its holdings in iShares Bitcoin Trust by 52.4% during the third quarter. Asset Dedication LLC now owns 811 shares of the company’s stock valued at $29,000 after purchasing an additional 279 shares during the last quarter. International Assets Investment Management LLC bought a new position in iShares Bitcoin Trust during the second quarter worth about $31,000. West Financial Advisors LLC purchased a new position in shares of iShares Bitcoin Trust in the third quarter worth about $40,000. Finally, Brown Brothers Harriman & Co. bought a new stake in shares of iShares Bitcoin Trust in the second quarter valued at approximately $43,000.

iShares Bitcoin Trust Company Profile

The IShares Bitcoin Trust Registered (IBIT) is an exchange-traded fund that mostly invests in long btc, short usd currency. The fund is a passively managed fund that seeks to track the spot price of Bitcoin. IBIT was launched on Jan 5, 2024 and is issued by BlackRock.