iShares Bitcoin Trust (NASDAQ:IBIT) Trading Up 3.7% – Here’s Why

iShares Bitcoin Trust (NASDAQ:IBIT)’s share price shot up 3.7% during mid-day trading on Friday . The company traded as high as $59.45 and last traded at $59.22. 20,261,217 shares traded hands during trading, a decline of 49% from the average session volume of 39,971,500 shares. The stock had previously closed at $57.09.

iShares Bitcoin Trust Stock Performance

The company’s 50-day moving average price is $54.56 and its 200 day moving average price is $42.24.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Union Savings Bank purchased a new stake in shares of iShares Bitcoin Trust in the 4th quarter worth $25,000. 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 buying an additional 238 shares during the period. PSI Advisors LLC bought a new position in shares of iShares Bitcoin Trust during the 4th quarter valued at approximately $30,000. Glass Jacobson Investment Advisors llc bought a new position in shares of iShares Bitcoin Trust during the 2nd quarter valued at approximately $26,000. Finally, 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 acquiring an additional 279 shares in the last quarter.

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.