iShares Bitcoin Trust (NASDAQ:IBIT) Trading Down 0.8% – Here’s Why

iShares Bitcoin Trust (NASDAQ:IBIT) shares traded down 0.8% during trading on Tuesday . The stock traded as low as $58.41 and last traded at $59.12. 22,396,824 shares were traded during trading, a decline of 48% from the average session volume of 42,730,004 shares. The stock had previously closed at $59.62.

iShares Bitcoin Trust Trading Down 1.0 %

The company’s fifty day moving average price is $55.44 and its 200 day moving average price is $43.00.

Hedge Funds Weigh In On iShares Bitcoin Trust

A number of hedge funds have recently added to or reduced their stakes in IBIT. IMC Chicago LLC acquired a new stake in shares of iShares Bitcoin Trust during the 3rd quarter worth $323,337,000. D. E. Shaw & Co. Inc. lifted its position 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 purchasing an additional 2,486,608 shares during the period. Sculptor Capital LP grew its stake 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 worth $115,831,000 after buying an additional 2,215,107 shares in the last quarter. Point72 Asset Management L.P. bought a new position in iShares Bitcoin Trust in the 2nd quarter valued at about $56,965,000. Finally, Murchinson Ltd. raised its position in shares of iShares Bitcoin Trust by 87.1% in the 2nd quarter. Murchinson Ltd. now owns 1,642,535 shares of the company’s stock valued at $56,076,000 after buying an additional 764,575 shares in the last quarter.

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.