Grayscale Bitcoin Trust (NYSEARCA:GBTC) Hits New 1-Year High – What’s Next?

Shares of Grayscale Bitcoin Trust (NYSEARCA:GBTC) hit a new 52-week high on Monday . The stock traded as high as $82.64 and last traded at $82.64, with a volume of 62443 shares traded. The stock had previously closed at $80.77.

Grayscale Bitcoin Trust Stock Performance

The firm has a market capitalization of $42.85 billion, a PE ratio of 2.29 and a beta of 1.25. The company has a fifty day simple moving average of $64.95 and a two-hundred day simple moving average of $56.73.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Synovus Financial Corp raised its position in shares of Grayscale Bitcoin Trust by 0.8% in the 3rd quarter. Synovus Financial Corp now owns 20,956 shares of the company’s stock worth $1,058,000 after acquiring an additional 169 shares in the last quarter. Wilmington Savings Fund Society FSB raised its position in shares of Grayscale Bitcoin Trust by 233.8% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 22,630 shares of the company’s stock worth $1,143,000 after acquiring an additional 15,850 shares in the last quarter. Sanctuary Advisors LLC raised its position in shares of Grayscale Bitcoin Trust by 16.7% in the 3rd quarter. Sanctuary Advisors LLC now owns 38,588 shares of the company’s stock worth $1,949,000 after acquiring an additional 5,524 shares in the last quarter. Soltis Investment Advisors LLC raised its position in shares of Grayscale Bitcoin Trust by 7.5% in the 3rd quarter. Soltis Investment Advisors LLC now owns 19,820 shares of the company’s stock worth $1,001,000 after acquiring an additional 1,379 shares in the last quarter. Finally, Fortem Financial Group LLC raised its position in shares of Grayscale Bitcoin Trust by 2.1% in the 3rd quarter. Fortem Financial Group LLC now owns 24,750 shares of the company’s stock worth $1,250,000 after acquiring an additional 500 shares in the last quarter.

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.