Grayscale Bitcoin Trust (NYSEARCA:GBTC) Shares Gap Up – Time to Buy?

Grayscale Bitcoin Trust (NYSEARCA:GBTC)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $73.71, but opened at $76.79. Grayscale Bitcoin Trust shares last traded at $77.31, with a volume of 630,152 shares changing hands.

Grayscale Bitcoin Trust Stock Performance

The firm’s 50 day moving average is $68.48 and its 200-day moving average is $57.46. The firm has a market cap of $39.67 billion, a price-to-earnings ratio of 2.29 and a beta of 1.25.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in GBTC. Greenwich Wealth Management LLC lifted its stake in shares of Grayscale Bitcoin Trust by 99.9% in 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 during the last quarter. LPL Financial LLC grew its position in shares of Grayscale Bitcoin Trust by 7.1% in the second quarter. LPL Financial LLC now owns 1,030,932 shares of the company’s stock valued at $54,887,000 after purchasing an additional 68,698 shares during the last quarter. Mad River Investors increased its stake in shares of Grayscale Bitcoin Trust by 26.7% in the third quarter. Mad River Investors now owns 389,745 shares of the company’s stock worth $19,682,000 after purchasing an additional 82,187 shares during the period. Moors & Cabot Inc. lifted its position in shares of 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 purchasing an additional 1,305 shares during the last quarter. Finally, Magnolia Capital Advisors LLC bought a new stake in Grayscale Bitcoin Trust during the 2nd quarter valued at approximately $14,810,000.

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.