Grayscale Bitcoin Trust (NYSEARCA:GBTC) Shares Gap Up – Still a Buy?

Grayscale Bitcoin Trust (NYSEARCA:GBTC)’s share price gapped up before the market opened on Monday . The stock had previously closed at $66.61, but opened at $73.72. Grayscale Bitcoin Trust shares last traded at $71.82, with a volume of 1,506,785 shares changing hands.

Grayscale Bitcoin Trust Price Performance

The stock has a 50-day moving average price of $76.98 and a 200-day moving average price of $65.33. The firm has a market capitalization of $17.46 billion, a PE ratio of 2.23 and a beta of 2.51.

Institutional Investors Weigh In On Grayscale Bitcoin Trust

Hedge funds and other institutional investors have recently bought and sold shares of the business. Proficio Capital Partners LLC grew its position in shares of Grayscale Bitcoin Trust by 4,462.7% during the fourth quarter. Proficio Capital Partners LLC now owns 2,103,962 shares of the company’s stock worth $155,735,000 after buying an additional 2,057,850 shares in the last quarter. Leigh Baldwin & CO. LLC acquired a new position in Grayscale Bitcoin Trust during the 4th quarter worth $34,353,000. Strategic Financial Concepts LLC bought a new stake in shares of Grayscale Bitcoin Trust in the 4th quarter worth about $19,360,000. SLT Holdings LLC bought a new position in shares of Grayscale Bitcoin Trust during the fourth quarter worth about $10,203,000. Finally, Discovery Capital Management LLC CT bought a new position in shares of Grayscale Bitcoin Trust during the fourth quarter worth about $7,950,000.

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.