iShares Bitcoin Trust (NASDAQ:IBIT) Trading Down 2.2% – Here’s What Happened

iShares Bitcoin Trust (NASDAQ:IBIT)’s share price fell 2.2% during mid-day trading on Wednesday . The stock traded as low as $58.96 and last traded at $59.37. 14,549,465 shares changed hands during trading, a decline of 58% from the average session volume of 34,720,191 shares. The stock had previously closed at $60.73.

iShares Bitcoin Trust Trading Down 2.7 %

The business’s 50-day moving average is $47.51 and its 200-day moving average is $39.62.

Institutional Trading of iShares Bitcoin Trust

A number of hedge funds have recently modified their holdings of the stock. IMC Chicago LLC purchased a new stake in iShares Bitcoin Trust in the 3rd quarter worth approximately $323,337,000. Aristeia Capital L.L.C. grew its position in shares of iShares Bitcoin Trust by 47.2% in the second quarter. Aristeia Capital L.L.C. now owns 5,940,411 shares of the company’s stock valued at $202,806,000 after purchasing an additional 1,903,644 shares during the period. Sculptor Capital LP raised its position in shares of iShares Bitcoin Trust by 188.1% in the second quarter. Sculptor Capital LP now owns 3,392,812 shares of the company’s stock valued at $115,831,000 after buying an additional 2,215,107 shares during the last quarter. D. E. Shaw & Co. Inc. raised its position in shares of 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 during the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in iShares Bitcoin Trust during the second quarter worth about $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.