Grayscale Bitcoin Trust (NYSEARCA:GBTC) Shares Gap Down to $59.68

Grayscale Bitcoin Trust (NYSEARCA:GBTC) gapped down before the market opened on Tuesday . The stock had previously closed at $59.68, but opened at $53.22. Grayscale Bitcoin Trust shares last traded at $52.95, with a volume of 575,832 shares traded.

Grayscale Bitcoin Trust Trading Down 11.4 %

The company’s 50 day simple moving average is $57.62 and its 200 day simple moving average is $54.31. The stock has a market capitalization of $27.00 billion, a PE ratio of 2.29 and a beta of 1.25.

Hedge Funds Weigh In On Grayscale Bitcoin Trust

Several institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC acquired a new stake in shares of Grayscale Bitcoin Trust during the 1st quarter worth $117,350,000. Farallon Capital Management LLC purchased a new stake in Grayscale Bitcoin Trust during the first quarter valued at about $85,221,000. Sloy Dahl & Holst LLC acquired a new stake in Grayscale Bitcoin Trust during the first quarter worth about $32,959,000. Bracebridge Capital LLC purchased a new position in shares of Grayscale Bitcoin Trust in the 1st quarter worth about $26,526,000. Finally, Mad River Investors acquired a new position in shares of Grayscale Bitcoin Trust in the 1st quarter valued at about $25,251,000.

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.