Grayscale Bitcoin Trust (NYSEARCA:GBTC) Reaches New 1-Year High – Here’s What Happened

Grayscale Bitcoin Trust (NYSEARCA:GBTC)’s stock price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $82.44 and last traded at $82.29, with a volume of 2096166 shares traded. The stock had previously closed at $78.69.

Grayscale Bitcoin Trust Price Performance

The business has a fifty day moving average price of $62.00 and a 200 day moving average price of $56.17. The company has a market capitalization of $41.21 billion, a price-to-earnings ratio of 2.29 and a beta of 1.25.

Hedge Funds Weigh In On Grayscale Bitcoin Trust

Large investors have recently bought and sold shares of the stock. West Oak Capital LLC increased its stake in shares of Grayscale Bitcoin Trust by 100.0% during the third quarter. West Oak Capital LLC now owns 640 shares of the company’s stock valued at $32,000 after acquiring an additional 320 shares during the period. Asset Dedication LLC purchased a new position in Grayscale Bitcoin Trust in the 2nd quarter worth about $40,000. CWM LLC acquired a new stake in shares of Grayscale Bitcoin Trust during the second quarter valued at approximately $42,000. Hollencrest Capital Management grew its position in Grayscale Bitcoin Trust by 88.9% during the 2nd quarter. Hollencrest Capital Management now owns 850 shares of the company’s stock worth $45,000 after purchasing an additional 400 shares in the last quarter. Finally, ORG Wealth Partners LLC acquired a new stake in Grayscale Bitcoin Trust during the 3rd quarter valued at $46,000.

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.