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

Grayscale Bitcoin Trust (NYSEARCA:GBTC)’s stock 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 changing hands. The stock had previously closed at $72.77.

Grayscale Bitcoin Trust Trading Up 4.0 %

The stock has a 50-day moving average of $55.34 and a 200-day moving average of $54.48. The firm has a market cap of $39.84 billion, a price-to-earnings ratio of 2.29 and a beta of 1.25.

Institutional Trading of Grayscale Bitcoin Trust

Several hedge funds have recently added to or reduced their stakes in the business. BOKF NA bought a new stake in Grayscale Bitcoin Trust during the first quarter worth approximately $57,000. Bleakley Financial Group LLC lifted its holdings in shares of Grayscale Bitcoin Trust by 2.3% in the third quarter. Bleakley Financial Group LLC now owns 60,389 shares of the company’s stock valued at $3,050,000 after buying an additional 1,349 shares during the period. ORG Wealth Partners LLC bought a new position in Grayscale Bitcoin Trust during the third quarter valued at about $46,000. Western Wealth Management LLC grew its holdings in Grayscale Bitcoin Trust by 30.2% during the second quarter. Western Wealth Management LLC now owns 13,068 shares of the company’s stock worth $696,000 after acquiring an additional 3,030 shares during the period. Finally, Quent Capital LLC bought a new stake in Grayscale Bitcoin Trust in the first quarter worth about $460,000.

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.