iShares Bitcoin Trust (NASDAQ:IBIT) Stock Price Down 6.3% – Here’s Why

iShares Bitcoin Trust (NASDAQ:IBIT) shares were down 6.3% during trading on Thursday . The company traded as low as $46.15 and last traded at $46.29. Approximately 20,514,122 shares changed hands during trading, a decline of 54% from the average daily volume of 44,117,188 shares. The stock had previously closed at $49.41.

iShares Bitcoin Trust Trading Up 2.4 %

The business’s 50 day moving average is $51.45 and its two-hundred day moving average is $49.18.

Institutional Trading of iShares Bitcoin Trust

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC increased its stake in shares of iShares Bitcoin Trust by 17.4% during the third quarter. Integrated Wealth Concepts LLC now owns 37,552 shares of the company’s stock valued at $1,357,000 after acquiring an additional 5,554 shares during the period. WESCAP Management Group Inc. increased its position in shares of iShares Bitcoin Trust by 6.5% during the 3rd quarter. WESCAP Management Group Inc. now owns 24,899 shares of the company’s stock valued at $900,000 after purchasing an additional 1,528 shares during the period. Vienna Asset Management LLC raised its stake in shares of iShares Bitcoin Trust by 131.6% in the 3rd quarter. Vienna Asset Management LLC now owns 26,642 shares of the company’s stock worth $963,000 after buying an additional 15,137 shares in the last quarter. Kovitz Investment Group Partners LLC acquired a new stake in shares of iShares Bitcoin Trust in the third quarter valued at $526,000. Finally, Insigneo Advisory Services LLC boosted its stake in iShares Bitcoin Trust by 2.7% during the third quarter. Insigneo Advisory Services LLC now owns 58,636 shares of the company’s stock valued at $2,119,000 after buying an additional 1,532 shares in 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.