iShares Bitcoin Trust (NASDAQ:IBIT) Trading 3.2% Higher – Here’s Why

iShares Bitcoin Trust (NASDAQ:IBIT) shares were up 3.2% during mid-day trading on Tuesday . The company traded as high as $55.33 and last traded at $54.92. Approximately 13,557,329 shares were traded during trading, a decline of 67% from the average daily volume of 40,757,949 shares. The stock had previously closed at $53.22.

iShares Bitcoin Trust Price Performance

The firm’s fifty day simple moving average is $53.72 and its 200-day simple moving average is $41.89.

Institutional Investors Weigh In On iShares Bitcoin Trust

A number of institutional investors and hedge funds have recently bought and sold shares of IBIT. Parallel Advisors LLC raised its holdings in shares of iShares Bitcoin Trust by 37.5% in the second quarter. Parallel Advisors LLC now owns 14,859 shares of the company’s stock worth $507,000 after acquiring an additional 4,050 shares during the last quarter. Wealthspire Advisors LLC acquired a new position in iShares Bitcoin Trust in the 2nd quarter valued at about $526,000. Envestnet Asset Management Inc. raised its stake in iShares Bitcoin Trust by 42.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 108,497 shares of the company’s stock valued at $3,704,000 after purchasing an additional 32,416 shares during the last quarter. Brown Brothers Harriman & Co. purchased a new position in iShares Bitcoin Trust in the 2nd quarter valued at about $43,000. Finally, Black Diamond Financial LLC purchased a new stake in shares of iShares Bitcoin Trust during the second quarter worth about $349,000.

iShares Bitcoin Trust Company Profile

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.