iShares Bitcoin Trust (NASDAQ:IBIT) Trading 3.1% Higher – Here’s Why

iShares Bitcoin Trust (NASDAQ:IBIT)’s share price were up 3.1% during trading on Wednesday . The company traded as high as $56.83 and last traded at $56.52. Approximately 20,593,695 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 40,448,699 shares. The stock had previously closed at $54.83.

iShares Bitcoin Trust Stock Up 4.4 %

The firm has a fifty day simple moving average of $54.56 and a two-hundred day simple moving average of $42.24.

Hedge Funds Weigh In On iShares Bitcoin Trust

Several hedge funds and other institutional investors have recently modified their holdings of IBIT. Union Savings Bank purchased a new position in shares of iShares Bitcoin Trust in the fourth quarter worth $25,000. Glass Jacobson Investment Advisors llc purchased a new stake in iShares Bitcoin Trust during the 2nd quarter valued at about $26,000. City Holding Co. raised its stake in shares of iShares Bitcoin Trust by 95.2% in the fourth quarter. City Holding Co. now owns 488 shares of the company’s stock worth $26,000 after purchasing an additional 238 shares during the last quarter. Asset Dedication LLC increased its holdings in iShares Bitcoin Trust by 52.4% in the 3rd quarter. Asset Dedication LLC now owns 811 shares of the company’s stock worth $29,000 after buying an additional 279 shares during the period. Finally, PSI Advisors LLC acquired a new stake in iShares Bitcoin Trust during the 4th quarter valued at approximately $30,000.

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.