iShares Bitcoin Trust (NASDAQ:IBIT) Stock Price Down 1.1% – Here’s Why

Shares of iShares Bitcoin Trust (NASDAQ:IBIT) traded down 1.1% on Friday . The stock traded as low as $53.37 and last traded at $53.70. 13,156,787 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 35,105,746 shares. The stock had previously closed at $54.30.

iShares Bitcoin Trust Stock Down 1.6 %

The stock has a fifty day moving average price of $50.09 and a 200-day moving average price of $40.36.

Institutional Investors Weigh In On iShares Bitcoin Trust

A number of hedge funds have recently added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. increased its holdings in iShares Bitcoin Trust by 32.2% in the third quarter. B. Riley Wealth Advisors Inc. now owns 38,078 shares of the company’s stock valued at $1,357,000 after buying an additional 9,266 shares in the last quarter. Garden State Investment Advisory Services LLC purchased a new stake in iShares Bitcoin Trust in the 3rd quarter worth approximately $656,000. Franklin Resources Inc. acquired a new position in iShares Bitcoin Trust in the third quarter valued at $1,107,000. Tidal Investments LLC raised its stake in iShares Bitcoin Trust by 12.4% during the third quarter. Tidal Investments LLC now owns 228,354 shares of the company’s stock worth $8,250,000 after purchasing an additional 25,232 shares during the period. Finally, World Investment Advisors LLC raised its stake in iShares Bitcoin Trust by 31.1% during the third quarter. World Investment Advisors LLC now owns 11,888 shares of the company’s stock worth $430,000 after purchasing an additional 2,823 shares during the period.

iShares Bitcoin Trust Company Profile

The IShares Bitcoin Trust Registered (IBIT) is an exchange-traded fund that mostly invests in long btc, short usd currency. The fund is a passively managed fund that seeks to track the spot price of Bitcoin. IBIT was launched on Jan 5, 2024 and is issued by BlackRock.