Grayscale Bitcoin Trust (NYSEARCA:GBTC) Shares Gap Down – What’s Next?

Grayscale Bitcoin Trust (NYSEARCA:GBTC) gapped down prior to trading on Monday . The stock had previously closed at $66.95, but opened at $65.53. Grayscale Bitcoin Trust shares last traded at $65.54, with a volume of 295,208 shares.

Grayscale Bitcoin Trust Price Performance

The stock’s fifty day moving average price is $75.23 and its 200 day moving average price is $66.66. The stock has a market capitalization of $16.35 billion, a P/E ratio of 2.23 and a beta of 2.59.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GBTC. Proficio Capital Partners LLC lifted its stake in Grayscale Bitcoin Trust by 4,462.7% in the fourth quarter. Proficio Capital Partners LLC now owns 2,103,962 shares of the company’s stock worth $155,735,000 after acquiring an additional 2,057,850 shares during the period. LPL Financial LLC lifted its stake in Grayscale Bitcoin Trust by 0.4% in the fourth quarter. LPL Financial LLC now owns 1,121,456 shares of the company’s stock worth $83,010,000 after acquiring an additional 4,728 shares during the period. Leigh Baldwin & CO. LLC purchased a new stake in Grayscale Bitcoin Trust in the fourth quarter worth about $34,353,000. Moors & Cabot Inc. lifted its stake in Grayscale Bitcoin Trust by 0.4% in the third quarter. Moors & Cabot Inc. now owns 368,975 shares of the company’s stock worth $18,633,000 after acquiring an additional 1,305 shares during the period. Finally, Strategic Financial Concepts LLC purchased a new stake in Grayscale Bitcoin Trust in the fourth quarter worth about $19,360,000.

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.