Grayscale Bitcoin Trust (NYSEARCA:GBTC) Reaches New 12-Month High – Still a Buy?

Grayscale Bitcoin Trust (NYSEARCA:GBTC) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $65.74 and last traded at $65.71, with a volume of 665148 shares. The stock had previously closed at $61.05.

Grayscale Bitcoin Trust Stock Up 2.9 %

The company’s 50-day moving average is $51.56 and its 200 day moving average is $53.58. The company has a market cap of $36.38 billion, a price-to-earnings ratio of 2.29 and a beta of 1.25.

Hedge Funds Weigh In On Grayscale Bitcoin Trust

Several institutional investors and hedge funds have recently modified their holdings of GBTC. Jane Street Group LLC acquired a new position in Grayscale Bitcoin Trust during the first quarter worth $117,350,000. Farallon Capital Management LLC acquired a new position in shares of Grayscale Bitcoin Trust during the 1st quarter worth about $85,221,000. Greenwich Wealth Management LLC boosted its holdings in Grayscale Bitcoin Trust by 99.9% in the 3rd 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. Bracebridge Capital LLC acquired a new stake in Grayscale Bitcoin Trust in the 1st quarter worth about $26,526,000. Finally, Cetera Investment Advisers purchased a new stake in Grayscale Bitcoin Trust during the 1st quarter worth approximately $22,576,000.

About Grayscale Bitcoin Trust

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.