Grayscale Bitcoin Trust (NYSEARCA:GBTC) Stock Price Down 4.5% – Here’s What Happened

Grayscale Bitcoin Trust (NYSEARCA:GBTC)’s stock price was down 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 mid-day 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 Up 6.4 %

The stock has a market capitalization of $39.23 billion, a price-to-earnings ratio of 2.29 and a beta of 1.25. The company’s fifty day simple moving average is $58.24 and its 200 day simple moving average is $55.21.

Institutional Investors Weigh In On Grayscale Bitcoin Trust

A number of institutional investors have recently made changes to their positions in GBTC. Synovus Financial Corp increased its position in Grayscale Bitcoin Trust by 0.8% during the third quarter. Synovus Financial Corp now owns 20,956 shares of the company’s stock worth $1,058,000 after acquiring an additional 169 shares during the period. Flagstar Advisors Inc. increased its holdings in shares of Grayscale Bitcoin Trust by 2.7% during the third quarter. Flagstar Advisors Inc. now owns 7,472 shares of the company’s stock worth $377,000 after purchasing an additional 196 shares during the period. Cornerstone Wealth Management LLC increased its holdings in shares of Grayscale Bitcoin Trust by 6.7% during the third quarter. Cornerstone Wealth Management LLC now owns 4,100 shares of the company’s stock worth $207,000 after purchasing an additional 257 shares during the period. Sound Income Strategies LLC raised its position in shares of Grayscale Bitcoin Trust by 6.3% in the third quarter. Sound Income Strategies LLC now owns 4,651 shares of the company’s stock valued at $235,000 after buying an additional 276 shares in the last quarter. Finally, SJS Investment Consulting Inc. boosted its stake in shares of Grayscale Bitcoin Trust by 1.1% in the second quarter. SJS Investment Consulting Inc. now owns 27,453 shares of the company’s stock valued at $1,462,000 after buying an additional 300 shares during the period.

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.