iShares Bitcoin Trust (NASDAQ:IBIT) Stock Price Up 0.1% – Should You Buy?

iShares Bitcoin Trust (NASDAQ:IBIT)’s share price rose 0.1% on Friday . The stock traded as high as $55.63 and last traded at $55.42. Approximately 10,767,442 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 24,892,371 shares. The stock had previously closed at $55.37.

iShares Bitcoin Trust Trading Up 1.2 %

The stock’s fifty day moving average price is $51.61 and its 200-day moving average price is $40.90.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Glass Jacobson Investment Advisors llc acquired a new position in shares of iShares Bitcoin Trust in the 2nd quarter worth approximately $26,000. Asset Dedication LLC increased its holdings in iShares Bitcoin Trust by 52.4% in the 3rd quarter. Asset Dedication LLC now owns 811 shares of the company’s stock valued at $29,000 after purchasing an additional 279 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in iShares Bitcoin Trust in the second quarter valued at approximately $31,000. West Financial Advisors LLC purchased a new stake in iShares Bitcoin Trust in the third quarter valued at approximately $40,000. Finally, Brown Brothers Harriman & Co. acquired a new position in iShares Bitcoin Trust during the second quarter worth $43,000.

About iShares Bitcoin Trust

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.