Sovereign Financial Group Inc. Takes Position in Grayscale Bitcoin Trust (NYSEARCA:GBTC)

Sovereign Financial Group Inc. purchased a new position in shares of Grayscale Bitcoin Trust (NYSEARCA:GBTC) during the 4th quarter, Holdings Channel.com reports. The fund purchased 3,495 shares of the company’s stock, valued at approximately $259,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Greenwich Wealth Management LLC grew its position in shares of Grayscale Bitcoin Trust by 99.9% during the third quarter. Greenwich Wealth Management LLC now owns 1,076,820 shares of the company’s stock worth $54,379,000 after buying an additional 538,256 shares in the last quarter. Mad River Investors boosted its stake in Grayscale Bitcoin Trust by 26.7% during the 3rd quarter. Mad River Investors now owns 389,745 shares of the company’s stock valued at $19,682,000 after acquiring an additional 82,187 shares during the last quarter. Moors & Cabot Inc. grew its holdings in Grayscale Bitcoin Trust by 0.4% during the 3rd quarter. Moors & Cabot Inc. now owns 368,975 shares of the company’s stock worth $18,633,000 after acquiring an additional 1,305 shares in the last quarter. Magnolia Capital Advisors LLC bought a new stake in shares of Grayscale Bitcoin Trust in the 2nd quarter worth about $14,810,000. Finally, International Assets Investment Management LLC raised its stake in shares of Grayscale Bitcoin Trust by 4,950.0% in the 3rd quarter. International Assets Investment Management LLC now owns 193,415 shares of the company’s stock valued at $97,670,000 after purchasing an additional 189,585 shares in the last quarter.

Grayscale Bitcoin Trust Stock Performance

NYSEARCA:GBTC opened at $78.97 on Thursday. The company has a market capitalization of $40.33 billion, a price-to-earnings ratio of 2.29 and a beta of 1.25. Grayscale Bitcoin Trust has a one year low of $34.31 and a one year high of $86.11. The stock has a 50-day simple moving average of $75.76 and a 200 day simple moving average of $59.71.

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.