Sovereign Financial Group Inc. Takes $214,000 Position in Grayscale Bitcoin Trust (NYSEARCA:GBTC)

Sovereign Financial Group Inc. acquired a new position in shares of Grayscale Bitcoin Trust (NYSEARCA:GBTC) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,395 shares of the company’s stock, valued at approximately $214,000.

Other large investors have also added to or reduced their stakes in the company. Global Assets Advisory LLC purchased a new stake in shares of Grayscale Bitcoin Trust in the first quarter worth about $22,079,000. Brookstone Capital Management bought a new stake in Grayscale Bitcoin Trust during the 1st quarter worth approximately $8,435,000. Canton Hathaway LLC purchased a new stake in Grayscale Bitcoin Trust in the 4th quarter worth approximately $942,000. SVB Wealth LLC bought a new position in Grayscale Bitcoin Trust in the 4th quarter valued at $770,000. Finally, Next Capital Management LLC purchased a new position in shares of Grayscale Bitcoin Trust during the 4th quarter valued at $670,000.

Grayscale Bitcoin Trust Stock Performance

Grayscale Bitcoin Trust stock opened at $54.13 on Thursday. The stock has a market cap of $27.64 billion, a P/E ratio of 2.29 and a beta of 1.25. Grayscale Bitcoin Trust has a fifty-two week low of $17.00 and a fifty-two week high of $65.61. The firm’s fifty day moving average price is $58.14 and its 200-day moving average price is $51.27.

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.