iShares Bitcoin Trust (NASDAQ:IBIT) Trading Down 0.6% – Here’s Why

iShares Bitcoin Trust (NASDAQ:IBIT)’s share price traded down 0.6% on Thursday . The stock traded as low as $55.30 and last traded at $56.31. 10,644,144 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 39,713,363 shares. The stock had previously closed at $56.64.

iShares Bitcoin Trust Stock Up 0.6 %

The stock’s fifty day simple moving average is $54.29 and its 200-day simple moving average is $42.14.

Institutional Investors Weigh In On iShares Bitcoin Trust

Several institutional investors have recently made changes to their positions in the stock. Harbor Investment Advisory LLC raised its holdings in iShares Bitcoin Trust by 53.8% in the 4th quarter. Harbor Investment Advisory LLC now owns 29,848 shares of the company’s stock valued at $1,583,000 after acquiring an additional 10,436 shares in the last quarter. Union Savings Bank bought a new position in shares of iShares Bitcoin Trust in the fourth quarter worth $25,000. Zhang Financial LLC increased its position in shares of iShares Bitcoin Trust by 7.9% in the fourth quarter. Zhang Financial LLC now owns 295,872 shares of the company’s stock worth $15,696,000 after purchasing an additional 21,629 shares during the period. MassMutual Private Wealth & Trust FSB raised its stake in iShares Bitcoin Trust by 63.9% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 2,437 shares of the company’s stock valued at $129,000 after purchasing an additional 950 shares in the last quarter. Finally, SFG Wealth Management LLC. bought a new stake in iShares Bitcoin Trust during the fourth quarter worth about $235,000.

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.