iShares Bitcoin Trust (NASDAQ:IBIT) Trading Down 4.3% – Here’s Why

iShares Bitcoin Trust (NASDAQ:IBIT)’s stock price fell 4.3% during mid-day trading on Tuesday . The stock traded as low as $55.20 and last traded at $55.69. 24,585,041 shares traded hands during mid-day trading, a decline of 29% from the average session volume of 34,660,066 shares. The stock had previously closed at $58.17.

iShares Bitcoin Trust Stock Performance

The business has a 50 day moving average of $52.86 and a 200 day moving average of $41.44.

Institutional Trading of iShares Bitcoin Trust

Several hedge funds and other institutional investors have recently bought and sold shares of IBIT. Glass Jacobson Investment Advisors llc purchased a new position in shares of iShares Bitcoin Trust during the 2nd quarter worth $26,000. Asset Dedication LLC increased its stake in iShares Bitcoin Trust by 52.4% in the third quarter. Asset Dedication LLC now owns 811 shares of the company’s stock valued at $29,000 after purchasing an additional 279 shares during the last quarter. West Financial Advisors LLC purchased a new position in iShares Bitcoin Trust during the third quarter worth about $40,000. Brown Brothers Harriman & Co. acquired a new stake in iShares Bitcoin Trust in the 2nd quarter worth about $43,000. Finally, Hollencrest Capital Management grew its holdings in iShares Bitcoin Trust by 256.7% in the 2nd quarter. Hollencrest Capital Management now owns 1,327 shares of the company’s stock valued at $45,000 after buying an additional 955 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.