iShares Bitcoin Trust (NASDAQ:IBIT) Shares Up 0.8% – Here’s Why

iShares Bitcoin Trust (NASDAQ:IBIT) rose 0.8% on Wednesday . The stock traded as high as $58.33 and last traded at $58.03. Approximately 7,035,731 shares changed hands during trading, a decline of 85% from the average daily volume of 47,609,762 shares. The stock had previously closed at $57.58.

iShares Bitcoin Trust Stock Performance

The firm has a 50 day moving average of $56.17 and a two-hundred day moving average of $44.02.

Institutional Investors Weigh In On iShares Bitcoin Trust

Several hedge funds and other institutional investors have recently modified their holdings of IBIT. Stephens Consulting LLC grew its position in iShares Bitcoin Trust by 62.8% in the 4th quarter. Stephens Consulting LLC now owns 490 shares of the company’s stock worth $26,000 after purchasing an additional 189 shares during the last quarter. AlphaMark Advisors LLC grew its position in iShares Bitcoin Trust by 8.9% during the fourth quarter. AlphaMark Advisors LLC now owns 2,455 shares of the company’s stock worth $130,000 after buying an additional 200 shares in the last quarter. Pathway Financial Advisers LLC increased its stake in iShares Bitcoin Trust by 52.9% during the fourth quarter. Pathway Financial Advisers LLC now owns 665 shares of the company’s stock valued at $35,000 after acquiring an additional 230 shares during the period. City Holding Co. raised its holdings in iShares Bitcoin Trust by 95.2% in the 4th quarter. City Holding Co. now owns 488 shares of the company’s stock valued at $26,000 after acquiring an additional 238 shares in the last quarter. Finally, Blue Trust Inc. lifted its position in shares of iShares Bitcoin Trust by 5.8% in the 4th quarter. Blue Trust Inc. now owns 4,939 shares of the company’s stock worth $262,000 after acquiring an additional 270 shares during the period.

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.