iShares Bitcoin Trust (NASDAQ:IBIT) Shares Down 4.1%

iShares Bitcoin Trust (NASDAQ:IBIT)’s stock price were down 4.1% on Wednesday . The company traded as low as $31.61 and last traded at $31.66. Approximately 5,365,258 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 30,653,473 shares. The stock had previously closed at $33.00.

iShares Bitcoin Trust Price Performance

The firm’s 50 day simple moving average is $34.53 and its 200-day simple moving average is $36.45.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Aristeia Capital L.L.C. grew its stake in shares of iShares Bitcoin Trust by 47.2% during the 2nd quarter. Aristeia Capital L.L.C. now owns 5,940,411 shares of the company’s stock worth $202,806,000 after purchasing an additional 1,903,644 shares during the period. Sculptor Capital LP grew its position in iShares Bitcoin Trust by 188.1% during the second quarter. Sculptor Capital LP now owns 3,392,812 shares of the company’s stock worth $115,831,000 after buying an additional 2,215,107 shares during the period. D. E. Shaw & Co. Inc. increased its holdings in iShares Bitcoin Trust by 1,657.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 2,636,608 shares of the company’s stock valued at $90,014,000 after buying an additional 2,486,608 shares in the last quarter. Bracebridge Capital LLC acquired a new stake in shares of iShares Bitcoin Trust during the 1st quarter valued at approximately $100,639,000. Finally, Point72 Asset Management L.P. acquired a new stake in shares of iShares Bitcoin Trust during the 2nd quarter valued at approximately $56,965,000.

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.