iShares Bitcoin Trust (NASDAQ:IBIT) Trading Down 0.6% – Here’s Why

Shares of iShares Bitcoin Trust (NASDAQ:IBIT) were down 0.6% during trading on Wednesday . The company traded as low as $55.60 and last traded at $55.81. Approximately 9,568,152 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 47,607,285 shares. The stock had previously closed at $56.13.

iShares Bitcoin Trust Stock Down 1.2 %

The business’s 50 day moving average is $56.35 and its 200 day moving average is $44.55.

Institutional Investors Weigh In On iShares Bitcoin Trust

Hedge funds have recently modified their holdings of the company. Union Savings Bank acquired a new position in iShares Bitcoin Trust in the 4th quarter valued at about $25,000. City Holding Co. increased its position in iShares Bitcoin Trust by 95.2% during the fourth quarter. City Holding Co. now owns 488 shares of the company’s stock worth $26,000 after buying an additional 238 shares during the period. Stephens Consulting LLC lifted its stake in iShares Bitcoin Trust by 62.8% in the fourth quarter. Stephens Consulting LLC now owns 490 shares of the company’s stock valued at $26,000 after buying an additional 189 shares during the last quarter. Crewe Advisors LLC grew its position in shares of iShares Bitcoin Trust by 151.0% during the fourth quarter. Crewe Advisors LLC now owns 502 shares of the company’s stock worth $27,000 after acquiring an additional 302 shares during the last quarter. Finally, Beacon Capital Management LLC purchased a new stake in iShares Bitcoin Trust in the 4th quarter valued at $28,000.

About iShares Bitcoin Trust

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.