Grayscale Bitcoin Trust (NYSEARCA:GBTC) Shares Gap Up to $53.24

Grayscale Bitcoin Trust (NYSEARCA:GBTC) shares gapped up prior to trading on Monday . The stock had previously closed at $53.24, but opened at $55.87. Grayscale Bitcoin Trust shares last traded at $55.64, with a volume of 543,930 shares traded.

Grayscale Bitcoin Trust Stock Performance

The company’s 50 day moving average price is $57.86 and its 200-day moving average price is $51.73. The company has a market cap of $28.03 billion, a price-to-earnings ratio of 2.29 and a beta of 1.25.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in GBTC. Dixon Mitchell Investment Counsel Inc. purchased a new position in shares of Grayscale Bitcoin Trust in the first quarter worth approximately $27,000. Global Wealth Strategies & Associates purchased a new position in Grayscale Bitcoin Trust during the second quarter valued at approximately $27,000. YHB Investment Advisors Inc. purchased a new position in Grayscale Bitcoin Trust during the first quarter valued at approximately $28,000. Toth Financial Advisory Corp purchased a new position in Grayscale Bitcoin Trust during the first quarter valued at approximately $28,000. Finally, Hollencrest Capital Management purchased a new position in Grayscale Bitcoin Trust during the first quarter valued at approximately $28,000.

About Grayscale Bitcoin Trust

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.