Grayscale Bitcoin Trust (NYSEARCA:GBTC) Reaches New 1-Year High – Should You Buy?

by · The Markets Daily

Grayscale Bitcoin Trust (NYSEARCA:GBTC – Get Free Report)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $74.51 and last traded at $74.19, with a volume of 2377310 shares trading hands. The stock had previously closed at $72.77.

Grayscale Bitcoin Trust Trading Up 4.0 %

The company has a fifty day simple moving average of $55.34 and a two-hundred day simple moving average of $54.48. The company has a market cap of $39.84 billion, a PE ratio of 2.29 and a beta of 1.25.

Hedge Funds Weigh In On Grayscale Bitcoin Trust

Several hedge funds have recently bought and sold shares of GBTC. BOKF NA acquired a new position in shares of Grayscale Bitcoin Trust in the 1st quarter valued at about $57,000. Bleakley Financial Group LLC lifted its holdings in Grayscale Bitcoin Trust by 2.3% during the 3rd quarter. Bleakley Financial Group LLC now owns 60,389 shares of the company’s stock worth $3,050,000 after buying an additional 1,349 shares during the last quarter. ORG Wealth Partners LLC bought a new stake in Grayscale Bitcoin Trust during the third quarter valued at $46,000. Western Wealth Management LLC boosted its holdings in shares of Grayscale Bitcoin Trust by 30.2% in the 2nd quarter. Western Wealth Management LLC now owns 13,068 shares of the company’s stock valued at $696,000 after buying an additional 3,030 shares during the period. Finally, Quent Capital LLC bought a new stake in shares of Grayscale Bitcoin Trust during the 1st quarter valued at about $460,000.

Grayscale Bitcoin Trust Company Profile

(Get Free Report)

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.

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