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

iShares Bitcoin Trust (NASDAQ:IBIT)’s share price shot up 0.1% during mid-day trading on Thursday . The stock traded as high as $56.32 and last traded at $55.36. 9,950,501 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 46,639,473 shares. The stock had previously closed at $55.33.

iShares Bitcoin Trust Stock Performance

The business’s 50-day moving average is $56.36 and its 200-day moving average is $44.70.

Hedge Funds Weigh In On iShares Bitcoin Trust

Several large investors have recently made changes to their positions in IBIT. Truist Financial Corp grew its stake in shares of iShares Bitcoin Trust by 17.2% in the 2nd quarter. Truist Financial Corp now owns 9,801 shares of the company’s stock worth $335,000 after buying an additional 1,436 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of iShares Bitcoin Trust in the second quarter worth $392,000. Dynamic Advisor Solutions LLC bought a new position in shares of iShares Bitcoin Trust during the third quarter valued at $247,000. Atomi Financial Group Inc. raised its position in shares of iShares Bitcoin Trust by 38.8% in the 3rd quarter. Atomi Financial Group Inc. now owns 13,195 shares of the company’s stock worth $477,000 after purchasing an additional 3,687 shares during the last quarter. Finally, CWM LLC raised its position in shares of iShares Bitcoin Trust by 126.4% in the 3rd quarter. CWM LLC now owns 79,775 shares of the company’s stock worth $2,882,000 after purchasing an additional 44,539 shares during the last quarter.

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.