iShares Bitcoin Trust (NASDAQ:IBIT) Stock Price Down 1.1% – Should You Sell?

Shares of iShares Bitcoin Trust (NASDAQ:IBIT) dropped 1.1% on Friday . The company traded as low as $53.37 and last traded at $53.70. Approximately 13,156,787 shares were traded during trading, a decline of 63% from the average daily volume of 35,105,746 shares. The stock had previously closed at $54.30.

iShares Bitcoin Trust Price Performance

The company has a 50-day simple moving average of $50.39 and a 200-day simple moving average of $40.47.

Institutional Trading of iShares Bitcoin Trust

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