Blue Trust Inc. Buys New Holdings in Grayscale Bitcoin Trust (NYSEARCA:GBTC)

Blue Trust Inc. bought a new stake in Grayscale Bitcoin Trust (NYSEARCA:GBTC) in the first quarter, Holdings Channel.com reports. The institutional investor bought 14,830 shares of the company’s stock, valued at approximately $937,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sloy Dahl & Holst LLC bought a new stake in Grayscale Bitcoin Trust during the 1st quarter worth approximately $32,959,000. Mad River Investors purchased a new position in shares of Grayscale Bitcoin Trust in the 1st quarter worth approximately $25,251,000. Global Assets Advisory LLC purchased a new position in shares of Grayscale Bitcoin Trust in the 1st quarter worth approximately $22,079,000. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Grayscale Bitcoin Trust in the 1st quarter worth approximately $21,571,000. Finally, Commonwealth Equity Services LLC purchased a new position in shares of Grayscale Bitcoin Trust in the 1st quarter worth approximately $17,897,000.

Grayscale Bitcoin Trust Price Performance

Shares of NYSEARCA GBTC traded down $3.51 during midday trading on Friday, reaching $50.15. The company’s stock had a trading volume of 7,828,492 shares, compared to its average volume of 12,593,462. Grayscale Bitcoin Trust has a 12-month low of $17.00 and a 12-month high of $65.61. The firm has a 50 day moving average price of $57.59 and a 200-day moving average price of $51.91. The stock has a market capitalization of $25.61 billion, a P/E ratio of 2.29 and a beta of 1.25.

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.