Grayscale Bitcoin Trust (NYSEARCA:GBTC) Shares Gap Down – Should You Sell?

Shares of Grayscale Bitcoin Trust (NYSEARCA:GBTC) gapped down before the market opened on Monday . The stock had previously closed at $66.95, but opened at $65.53. Grayscale Bitcoin Trust shares last traded at $65.54, with a volume of 295,208 shares changing hands.

Grayscale Bitcoin Trust Stock Performance

The stock has a market cap of $16.10 billion, a PE ratio of 2.23 and a beta of 2.59. The company’s 50-day moving average price is $74.71 and its 200 day moving average price is $66.93.

Institutional Trading of Grayscale Bitcoin Trust

Several institutional investors have recently made changes to their positions in the company. Proficio Capital Partners LLC raised its position in shares of Grayscale Bitcoin Trust by 4,462.7% during the 4th quarter. Proficio Capital Partners LLC now owns 2,103,962 shares of the company’s stock valued at $155,735,000 after buying an additional 2,057,850 shares during the period. LPL Financial LLC raised its position in shares of Grayscale Bitcoin Trust by 0.4% during the 4th quarter. LPL Financial LLC now owns 1,121,456 shares of the company’s stock valued at $83,010,000 after buying an additional 4,728 shares during the period. Leigh Baldwin & CO. LLC purchased a new stake in shares of Grayscale Bitcoin Trust during the 4th quarter valued at approximately $34,353,000. Moors & Cabot Inc. raised its position in shares of Grayscale Bitcoin Trust by 0.4% during the 3rd quarter. Moors & Cabot Inc. now owns 368,975 shares of the company’s stock valued at $18,633,000 after buying an additional 1,305 shares during the period. Finally, Strategic Financial Concepts LLC acquired a new stake in Grayscale Bitcoin Trust in the 4th quarter valued at approximately $19,360,000.

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.