iShares Bitcoin Trust (NASDAQ:IBIT) Stock Price Up 2.6% – Time to Buy?

iShares Bitcoin Trust (NASDAQ:IBIT) shot up 2.6% during trading on Friday . The stock traded as high as $60.58 and last traded at $60.33. 14,321,011 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 48,432,621 shares. The stock had previously closed at $58.79.

iShares Bitcoin Trust Stock Up 3.6 %

The company’s 50 day moving average price is $55.44 and its 200 day moving average price is $43.00.

Institutional Trading of iShares Bitcoin Trust

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IBIT. Envestnet Asset Management Inc. raised its holdings in iShares Bitcoin Trust by 42.6% during the second quarter. Envestnet Asset Management Inc. now owns 108,497 shares of the company’s stock worth $3,704,000 after purchasing an additional 32,416 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of iShares Bitcoin Trust in the 2nd quarter valued at $505,000. Thrivent Financial for Lutherans increased its holdings in shares of iShares Bitcoin Trust by 12.7% in the 2nd quarter. Thrivent Financial for Lutherans now owns 15,505 shares of the company’s stock valued at $529,000 after acquiring an additional 1,748 shares during the period. 1832 Asset Management L.P. acquired a new position in shares of iShares Bitcoin Trust in the 2nd quarter valued at $216,000. Finally, Bank of Montreal Can grew its position in iShares Bitcoin Trust by 0.5% in the 2nd quarter. Bank of Montreal Can now owns 134,332 shares of the company’s stock valued at $4,586,000 after buying an additional 723 shares during the last quarter.

iShares Bitcoin Trust Company Profile

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.