Grayscale Bitcoin Trust (NYSEARCA:GBTC) Shares Gap Up – Time to Buy?

Grayscale Bitcoin Trust (NYSEARCA:GBTC)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $72.17, but opened at $74.82. Grayscale Bitcoin Trust shares last traded at $74.82, with a volume of 151,012 shares changing hands.

Grayscale Bitcoin Trust Stock Up 6.4 %

The company has a market capitalization of $39.23 billion, a P/E ratio of 2.29 and a beta of 1.25. The firm’s 50-day moving average price is $58.77 and its 200 day moving average price is $55.36.

Institutional Investors Weigh In On Grayscale Bitcoin Trust

Several institutional investors have recently bought and sold shares of GBTC. DHJJ Financial Advisors Ltd. bought a new stake in Grayscale Bitcoin Trust in the 2nd quarter worth about $26,000. Global Wealth Strategies & Associates purchased a new stake in shares of Grayscale Bitcoin Trust during the second quarter valued at approximately $27,000. ZRC Wealth Management LLC purchased a new stake in shares of Grayscale Bitcoin Trust during the second quarter valued at approximately $29,000. Avondale Wealth Management bought a new stake in Grayscale Bitcoin Trust during the second quarter worth $33,000. Finally, West Oak Capital LLC boosted its position in Grayscale Bitcoin Trust by 100.0% in the third quarter. West Oak Capital LLC now owns 640 shares of the company’s stock worth $32,000 after purchasing an additional 320 shares during the last quarter.

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.