Grayscale Bitcoin Trust (NYSEARCA:GBTC) Sees Strong Trading Volume – Here’s What Happened

Shares of Grayscale Bitcoin Trust (NYSEARCA:GBTC) saw strong trading volume on Thursday . 2,616,566 shares were traded during trading, a decline of 11% from the previous session’s volume of 2,956,415 shares.The stock last traded at $83.11 and had previously closed at $82.70.

Grayscale Bitcoin Trust Stock Performance

The business has a 50 day moving average price of $77.33 and a two-hundred day moving average price of $60.71. The company has a market cap of $42.53 billion, a P/E ratio of 2.29 and a beta of 1.25.

Institutional Trading of Grayscale Bitcoin Trust

A number of institutional investors have recently modified their holdings of GBTC. Synergy Asset Management LLC boosted its stake in shares of Grayscale Bitcoin Trust by 100.0% during the 4th quarter. Synergy Asset Management LLC now owns 8,210 shares of the company’s stock valued at $608,000 after purchasing an additional 4,105 shares in the last quarter. Equita Financial Network Inc. bought a new stake in Grayscale Bitcoin Trust during the 4th quarter valued at approximately $475,000. Genesee Capital Advisors LLC bought a new position in shares of Grayscale Bitcoin Trust in the 4th quarter worth approximately $296,000. Hutchens & Kramer Investment Management Group LLC bought a new position in shares of Grayscale Bitcoin Trust in the 4th quarter worth approximately $205,000. Finally, TRU Independence Asset Management 2 LLC bought a new stake in shares of Grayscale Bitcoin Trust during the fourth quarter valued at approximately $309,000.

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.