iShares Bitcoin Trust (NASDAQ:IBIT) Trading Up 4.3% – Here’s Why

iShares Bitcoin Trust (NASDAQ:IBIT) shares shot up 4.3% on Wednesday . The company traded as high as $57.47 and last traded at $57.24. 16,095,460 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 34,441,281 shares. The stock had previously closed at $54.90.

iShares Bitcoin Trust Stock Performance

The business has a 50 day moving average price of $46.07 and a 200-day moving average price of $39.18.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Glass Jacobson Investment Advisors llc acquired a new position in shares of iShares Bitcoin Trust during the 2nd quarter worth $26,000. Asset Dedication LLC grew its position in iShares Bitcoin Trust by 52.4% during the third quarter. Asset Dedication LLC now owns 811 shares of the company’s stock worth $29,000 after buying an additional 279 shares during the period. International Assets Investment Management LLC acquired a new stake in shares of iShares Bitcoin Trust during the 2nd quarter valued at approximately $31,000. Hantz Financial Services Inc. purchased a new stake in shares of iShares Bitcoin Trust during the 2nd quarter worth approximately $36,000. Finally, West Financial Advisors LLC acquired a new stake in shares of iShares Bitcoin Trust in the 3rd quarter worth approximately $40,000.

About iShares Bitcoin Trust

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.