Bitwise Bitcoin ETF (NYSEARCA:BITB) Shares Gap Up – Should You Buy?

Shares of Bitwise Bitcoin ETF (NYSEARCA:BITB) gapped up before the market opened on Monday . The stock had previously closed at $45.84, but opened at $50.73. Bitwise Bitcoin ETF shares last traded at $49.39, with a volume of 621,961 shares trading hands.

Bitwise Bitcoin ETF Price Performance

The company’s 50-day moving average is $52.90 and its 200 day moving average is $44.81.

Institutional Investors Weigh In On Bitwise Bitcoin ETF

Several hedge funds have recently bought and sold shares of BITB. Gleason Group Inc. acquired a new position in Bitwise Bitcoin ETF in the 4th quarter valued at approximately $25,000. VisionPoint Advisory Group LLC purchased a new position in shares of Bitwise Bitcoin ETF during the 4th quarter valued at $56,000. Fairway Wealth LLC increased its stake in shares of Bitwise Bitcoin ETF by 258.1% in the third quarter. Fairway Wealth LLC now owns 1,110 shares of the company’s stock worth $38,000 after acquiring an additional 800 shares during the last quarter. Signaturefd LLC raised its holdings in shares of Bitwise Bitcoin ETF by 819.7% during the fourth quarter. Signaturefd LLC now owns 1,214 shares of the company’s stock worth $62,000 after acquiring an additional 1,082 shares in the last quarter. Finally, JPMorgan Chase & Co. acquired a new stake in Bitwise Bitcoin ETF during the fourth quarter valued at $66,000.

About Bitwise Bitcoin ETF

The Bitwise Bitcoin ETF Trust (BITB) 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 price performance of spot Bitcoin (BTC). It will hold Bitcoin directly, secured through a multi-layer cold storage wallet. BITB was launched on Jan 10, 2024 and is issued by Bitwise.