Grayscale Bitcoin Trust (NYSEARCA:GBTC) Shares Gap Down – Here’s Why

Grayscale Bitcoin Trust (NYSEARCA:GBTC) gapped down prior to trading on Monday . The stock had previously closed at $80.70, but opened at $78.67. Grayscale Bitcoin Trust shares last traded at $79.70, with a volume of 874,959 shares.

Grayscale Bitcoin Trust Price Performance

The stock’s fifty day simple moving average is $63.06 and its 200-day simple moving average is $56.32. The firm has a market cap of $39.11 billion, a PE ratio of 2.29 and a beta of 1.25.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in GBTC. Comerica Bank acquired a new stake in shares of Grayscale Bitcoin Trust in the first quarter worth $361,000. CWM LLC acquired a new stake in shares of Grayscale Bitcoin Trust in the second quarter worth $42,000. Dynamic Advisor Solutions LLC acquired a new stake in shares of Grayscale Bitcoin Trust in the second quarter worth $320,000. Great Valley Advisor Group Inc. increased its stake in shares of Grayscale Bitcoin Trust by 8.9% in the second quarter. Great Valley Advisor Group Inc. now owns 5,693 shares of the company’s stock worth $303,000 after acquiring an additional 465 shares during the period. Finally, ORG Partners LLC acquired a new stake in shares of Grayscale Bitcoin Trust in the second quarter worth $200,000.

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.