iShares Bitcoin Trust (NASDAQ:IBIT) Stock Price Down 2.8% – Should You Sell?

iShares Bitcoin Trust (NASDAQ:IBIT) dropped 2.8% during trading on Thursday . The stock traded as low as $54.06 and last traded at $54.65. Approximately 10,701,888 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 35,138,418 shares. The stock had previously closed at $56.23.

iShares Bitcoin Trust Stock Down 2.9 %

The firm’s 50 day simple moving average is $49.77 and its 200 day simple moving average is $40.26.

Institutional Trading of iShares Bitcoin Trust

Hedge funds have recently added to or reduced their stakes in the business. Glass Jacobson Investment Advisors llc acquired a new position in shares of iShares Bitcoin Trust during the second quarter valued at $26,000. Asset Dedication LLC raised its position in shares of iShares Bitcoin Trust by 52.4% during the 3rd quarter. Asset Dedication LLC now owns 811 shares of the company’s stock worth $29,000 after buying an additional 279 shares in the last quarter. International Assets Investment Management LLC bought a new stake in shares of iShares Bitcoin Trust during the 2nd quarter worth about $31,000. Hantz Financial Services Inc. acquired a new stake in shares of iShares Bitcoin Trust in the 2nd quarter worth approximately $36,000. Finally, West Financial Advisors LLC bought a new position in shares of iShares Bitcoin Trust in the third quarter valued at approximately $40,000.

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.