Grayscale Bitcoin Trust (NYSEARCA:GBTC) Stock Price Down 4.5% – Should You Sell?

Grayscale Bitcoin Trust (NYSEARCA:GBTC)’s stock price dropped 4.5% during trading on Monday . The stock traded as low as $74.95 and last traded at $75.29. Approximately 4,768,363 shares were traded during trading, a decline of 47% from the average daily volume of 8,914,126 shares. The stock had previously closed at $78.87.

Grayscale Bitcoin Trust Stock Performance

The company has a market capitalization of $38.50 billion, a PE ratio of 2.29 and a beta of 1.25. The business has a fifty day moving average price of $56.59 and a 200 day moving average price of $54.79.

Institutional Trading of Grayscale Bitcoin Trust

A number of hedge funds have recently made changes to their positions in GBTC. Jane Street Group LLC purchased a new stake in Grayscale Bitcoin Trust during the 1st quarter worth approximately $117,350,000. Farallon Capital Management LLC acquired a new stake in Grayscale Bitcoin Trust in the first quarter valued at $85,221,000. Greenwich Wealth Management LLC raised its holdings in Grayscale Bitcoin Trust by 99.9% in the third quarter. Greenwich Wealth Management LLC now owns 1,076,820 shares of the company’s stock valued at $54,379,000 after acquiring an additional 538,256 shares in the last quarter. LPL Financial LLC increased its position in shares of Grayscale Bitcoin Trust by 7.1% in the 2nd quarter. LPL Financial LLC now owns 1,030,932 shares of the company’s stock worth $54,887,000 after purchasing an additional 68,698 shares during the last quarter. Finally, Mad River Investors lifted its position in shares of Grayscale Bitcoin Trust by 26.7% during the third quarter. Mad River Investors now owns 389,745 shares of the company’s stock worth $19,682,000 after purchasing an additional 82,187 shares during the last quarter.

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.