Grayscale Bitcoin Trust (NYSEARCA:GBTC) Shares Gap Up – Here’s What Happened

Shares of Grayscale Bitcoin Trust (NYSEARCA:GBTC) gapped up prior to trading on Tuesday . The stock had previously closed at $73.71, but opened at $76.79. Grayscale Bitcoin Trust shares last traded at $77.31, with a volume of 630,152 shares.

Grayscale Bitcoin Trust Price Performance

The company has a market capitalization of $40.07 billion, a PE ratio of 2.29 and a beta of 1.25. The company has a 50 day moving average of $68.98 and a two-hundred day moving average of $57.58.

Institutional Investors Weigh In On Grayscale Bitcoin Trust

A number of hedge funds and other institutional investors have recently bought and sold shares of GBTC. West Oak Capital LLC boosted its position in shares of Grayscale Bitcoin Trust by 100.0% in the 3rd quarter. West Oak Capital LLC now owns 640 shares of the company’s stock worth $32,000 after purchasing an additional 320 shares in the last quarter. Asset Dedication LLC purchased a new stake in shares of Grayscale Bitcoin Trust in the second quarter worth $40,000. Hollencrest Capital Management increased its holdings in shares of Grayscale Bitcoin Trust by 88.9% during the second quarter. Hollencrest Capital Management now owns 850 shares of the company’s stock valued at $45,000 after acquiring an additional 400 shares in the last quarter. ORG Wealth Partners LLC purchased a new position in shares of Grayscale Bitcoin Trust in the 3rd quarter worth about $46,000. Finally, Future Financial Wealth Managment LLC bought a new position in Grayscale Bitcoin Trust in the 3rd quarter worth about $50,000.

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.