Grayscale Bitcoin Trust (NYSEARCA:GBTC) Shares Gap Up – Time to Buy?

Shares of Grayscale Bitcoin Trust (NYSEARCA:GBTC) gapped up before the market opened on Friday . The stock had previously closed at $47.49, but opened at $48.86. Grayscale Bitcoin Trust shares last traded at $48.92, with a volume of 436,629 shares changing hands.

Grayscale Bitcoin Trust Stock Up 4.2 %

The business’s 50-day simple moving average is $47.89 and its two-hundred day simple moving average is $54.30. The firm has a market cap of $25.28 billion, a price-to-earnings ratio of 2.29 and a beta of 1.25.

Institutional Trading of Grayscale Bitcoin Trust

Several institutional investors have recently added to or reduced their stakes in GBTC. DHJJ Financial Advisors Ltd. purchased a new stake in shares of Grayscale Bitcoin Trust in the 2nd quarter valued at approximately $26,000. Dixon Mitchell Investment Counsel Inc. acquired a new stake in shares of Grayscale Bitcoin Trust in the 1st quarter worth $27,000. Global Wealth Strategies & Associates acquired a new stake in shares of Grayscale Bitcoin Trust in the second quarter valued at about $27,000. Toth Financial Advisory Corp acquired a new stake in shares of Grayscale Bitcoin Trust in the first quarter valued at about $28,000. Finally, Hollencrest Capital Management acquired a new position in Grayscale Bitcoin Trust during the first quarter worth about $28,000.

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.