iShares Bitcoin Trust (NASDAQ:IBIT) Shares Down 1.6% – Here’s What Happened

Shares of iShares Bitcoin Trust (NASDAQ:IBIT) dropped 1.6% on Wednesday . The company traded as low as $58.93 and last traded at $59.47. Approximately 12,946,108 shares traded hands during trading, a decline of 70% from the average daily volume of 43,761,191 shares. The stock had previously closed at $60.42.

iShares Bitcoin Trust Stock Performance

The stock has a 50 day moving average price of $55.27 and a 200 day moving average price of $42.89.

Institutional Trading of iShares Bitcoin Trust

Several hedge funds have recently modified their holdings of the stock. Heirloom Wealth Management acquired a new position in iShares Bitcoin Trust during the 4th quarter valued at about $3,506,000. Mount Yale Investment Advisors LLC purchased a new stake in iShares Bitcoin Trust during the fourth quarter worth about $362,000. United Asset Strategies Inc. bought a new stake in shares of iShares Bitcoin Trust in the 4th quarter worth approximately $454,000. Blue Trust Inc. lifted its stake in iShares Bitcoin Trust by 5.8% in the fourth quarter. Blue Trust Inc. now owns 4,939 shares of the company’s stock valued at $262,000 after purchasing an additional 270 shares during the last quarter. Finally, PFG Investments LLC raised its stake in shares of iShares Bitcoin Trust by 62.4% in the fourth quarter. PFG Investments LLC now owns 15,548 shares of the company’s stock valued at $825,000 after buying an additional 5,973 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.