iShares Bitcoin Trust (NASDAQ:IBIT) Trading 4.1% Higher – Still a Buy?

iShares Bitcoin Trust (NASDAQ:IBIT)’s stock price shot up 4.1% during trading on Monday . The stock traded as high as $58.43 and last traded at $58.25. 22,772,903 shares changed hands during mid-day trading, a decline of 27% from the average session volume of 31,276,016 shares. The stock had previously closed at $55.96.

iShares Bitcoin Trust Price Performance

The stock’s 50-day simple moving average is $51.97 and its 200 day simple moving average is $41.05.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IBIT. Private Advisor Group LLC acquired a new stake in iShares Bitcoin Trust in the 2nd quarter valued at $5,262,000. Lake Street Advisors Group LLC acquired a new stake in iShares Bitcoin Trust during the 2nd quarter valued at $814,000. MRA Advisory Group bought a new position in iShares Bitcoin Trust during the second quarter worth $1,939,000. X Square Capital LLC increased its holdings in shares of iShares Bitcoin Trust by 2.7% in the second quarter. X Square Capital LLC now owns 224,396 shares of the company’s stock valued at $7,661,000 after purchasing an additional 5,859 shares during the last quarter. Finally, HCR Wealth Advisors lifted its stake in shares of iShares Bitcoin Trust by 128.0% during the 2nd quarter. HCR Wealth Advisors now owns 12,245 shares of the company’s stock worth $418,000 after buying an additional 6,875 shares during the last quarter.

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.