Grayscale Bitcoin Trust (NYSEARCA:GBTC) Shares Down 6.5% – Time to Sell?

Grayscale Bitcoin Trust (NYSEARCA:GBTC)’s stock price traded down 6.5% during trading on Monday . The stock traded as low as $59.79 and last traded at $62.02. 1,846,135 shares changed hands during mid-day trading, a decline of 58% from the average session volume of 4,344,842 shares. The stock had previously closed at $66.32.

Grayscale Bitcoin Trust Stock Down 7.1 %

The firm has a 50 day simple moving average of $71.60 and a two-hundred day simple moving average of $68.87. The stock has a market capitalization of $15.10 billion, a P/E ratio of 2.23 and a beta of 2.59.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of GBTC. Rothschild Investment LLC boosted its stake in shares of Grayscale Bitcoin Trust by 0.9% in the 4th quarter. Rothschild Investment LLC now owns 14,490 shares of the company’s stock valued at $1,073,000 after purchasing an additional 130 shares in the last quarter. Activest Wealth Management lifted its stake in Grayscale Bitcoin Trust by 53.0% in the 4th quarter. Activest Wealth Management now owns 404 shares of the company’s stock valued at $30,000 after purchasing an additional 140 shares during the last quarter. Mutual Advisors LLC boosted its position in Grayscale Bitcoin Trust by 2.0% in the fourth quarter. Mutual Advisors LLC now owns 7,326 shares of the company’s stock valued at $583,000 after buying an additional 146 shares in the last quarter. Pine Valley Investments Ltd Liability Co boosted its position in Grayscale Bitcoin Trust by 1.0% in the fourth quarter. Pine Valley Investments Ltd Liability Co now owns 16,906 shares of the company’s stock valued at $1,251,000 after buying an additional 165 shares in the last quarter. Finally, Synovus Financial Corp grew its stake in shares of Grayscale Bitcoin Trust by 0.8% during the third quarter. Synovus Financial Corp now owns 20,956 shares of the company’s stock worth $1,058,000 after buying an additional 169 shares during the last quarter.

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.