iShares Bitcoin Trust (NASDAQ:IBIT) Trading 3.2% Higher – Still a Buy?

iShares Bitcoin Trust (NASDAQ:IBIT)’s share price traded up 3.2% on Tuesday . The company traded as high as $55.33 and last traded at $54.92. 13,557,329 shares were traded during trading, a decline of 67% from the average session volume of 40,757,949 shares. The stock had previously closed at $53.22.

iShares Bitcoin Trust Trading Up 3.0 %

The business has a 50 day simple moving average of $53.72 and a two-hundred day simple moving average of $41.89.

Institutional Trading of iShares Bitcoin Trust

Hedge funds have recently added to or reduced their stakes in the business. IMC Chicago LLC acquired a new stake in shares of iShares Bitcoin Trust in the third quarter worth approximately $323,337,000. Aristeia Capital L.L.C. boosted its holdings in shares of iShares Bitcoin Trust by 47.2% in the 2nd quarter. Aristeia Capital L.L.C. now owns 5,940,411 shares of the company’s stock valued at $202,806,000 after purchasing an additional 1,903,644 shares during the last quarter. Sculptor Capital LP increased its holdings in shares of iShares Bitcoin Trust by 188.1% during the 2nd quarter. Sculptor Capital LP now owns 3,392,812 shares of the company’s stock worth $115,831,000 after buying an additional 2,215,107 shares during the last quarter. D. E. Shaw & Co. Inc. raised its position in shares of iShares Bitcoin Trust by 1,657.7% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 2,636,608 shares of the company’s stock worth $90,014,000 after buying an additional 2,486,608 shares during the period. Finally, Point72 Asset Management L.P. acquired a new position in iShares Bitcoin Trust in the second quarter valued at $56,965,000.

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.