iShares Bitcoin Trust (NASDAQ:IBIT) Shares Up 1.2% – Still a Buy?

iShares Bitcoin Trust (NASDAQ:IBIT) shares shot up 1.2% on Friday . The company traded as high as $55.47 and last traded at $55.40. 27,874,101 shares traded hands during mid-day trading, a decline of 21% from the average session volume of 35,102,555 shares. The stock had previously closed at $54.72.

iShares Bitcoin Trust Stock Up 0.7 %

The company’s fifty day moving average price is $48.37 and its two-hundred day moving average price is $39.84.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of IBIT. IMC Chicago LLC acquired a new stake in iShares Bitcoin Trust in the 3rd quarter valued at $323,337,000. D. E. Shaw & Co. Inc. raised its holdings in iShares Bitcoin Trust by 1,657.7% during the second quarter. D. E. Shaw & Co. Inc. now owns 2,636,608 shares of the company’s stock worth $90,014,000 after acquiring an additional 2,486,608 shares in the last quarter. Sculptor Capital LP boosted its position in iShares Bitcoin Trust by 188.1% during the second quarter. Sculptor Capital LP now owns 3,392,812 shares of the company’s stock valued at $115,831,000 after purchasing an additional 2,215,107 shares during the last quarter. Aristeia Capital L.L.C. boosted its position in iShares Bitcoin Trust by 47.2% during the second quarter. Aristeia Capital L.L.C. now owns 5,940,411 shares of the company’s stock valued at $202,806,000 after purchasing an additional 1,903,644 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new position in iShares Bitcoin Trust in the second quarter valued at approximately $56,965,000.

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.