Grayscale Bitcoin Trust (NYSEARCA:GBTC) Sees Unusually-High Trading Volume – Here’s Why

Grayscale Bitcoin Trust (NYSEARCA:GBTC) saw an uptick in trading volume on Thursday . 2,616,566 shares traded hands during mid-day trading, a decline of 11% from the previous session’s volume of 2,956,415 shares.The stock last traded at $83.11 and had previously closed at $82.70.

Grayscale Bitcoin Trust Stock Up 1.6 %

The firm has a market cap of $42.48 billion, a price-to-earnings ratio of 2.29 and a beta of 1.25. The company has a 50-day moving average price of $77.79 and a 200 day moving average price of $61.09.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GBTC. Armstrong Advisory Group Inc. increased its holdings in Grayscale Bitcoin Trust by 310.0% in the fourth quarter. Armstrong Advisory Group Inc. now owns 410 shares of the company’s stock worth $30,000 after buying an additional 310 shares during the last quarter. West Oak Capital LLC raised its holdings in shares of Grayscale Bitcoin Trust by 100.0% during the 3rd quarter. West Oak Capital LLC now owns 640 shares of the company’s stock valued at $32,000 after purchasing an additional 320 shares in the last quarter. ORG Wealth Partners LLC acquired a new stake in shares of Grayscale Bitcoin Trust in the 3rd quarter valued at $46,000. Future Financial Wealth Managment LLC bought a new stake in Grayscale Bitcoin Trust in the third quarter worth $50,000. Finally, Icon Wealth Advisors LLC acquired a new position in Grayscale Bitcoin Trust during the third quarter worth $53,000.

About Grayscale Bitcoin Trust

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.