iShares Bitcoin Trust (NASDAQ:IBIT) Shares Down 2.6% – Should You Sell?

Shares of iShares Bitcoin Trust (NASDAQ:IBIT) dropped 2.6% during mid-day trading on Thursday . The company traded as low as $52.51 and last traded at $53.34. Approximately 46,619,577 shares traded hands during trading, an increase of 4% from the average daily volume of 44,964,426 shares. The stock had previously closed at $54.79.

iShares Bitcoin Trust Trading Up 0.9 %

The business has a 50-day moving average price of $53.42 and a 200-day moving average price of $41.67.

Hedge Funds Weigh In On iShares Bitcoin Trust

Several hedge funds have recently made changes to their positions in IBIT. Glass Jacobson Investment Advisors llc acquired a new stake in iShares Bitcoin Trust during the 2nd quarter worth about $26,000. Asset Dedication LLC boosted its stake in shares of iShares Bitcoin Trust by 52.4% during the 3rd quarter. Asset Dedication LLC now owns 811 shares of the company’s stock worth $29,000 after acquiring an additional 279 shares in the last quarter. West Financial Advisors LLC purchased a new stake in shares of iShares Bitcoin Trust during the 3rd quarter worth about $40,000. Brown Brothers Harriman & Co. purchased a new stake in shares of iShares Bitcoin Trust during the 2nd quarter worth about $43,000. Finally, Hollencrest Capital Management boosted its stake in shares of iShares Bitcoin Trust by 256.7% during the 2nd quarter. Hollencrest Capital Management now owns 1,327 shares of the company’s stock worth $45,000 after acquiring an additional 955 shares in the last quarter.

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.