Summit Asset Management LLC purchased a new position in shares of Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC – Free Report) during the second quarter, HoldingsChannel.com reports. The institutional investor purchased 2,725 shares of the company’s stock, valued at approximately $231,000.
Several other institutional investors have also recently added to or reduced their stakes in GBTC. Palacios Wealth Management LLC acquired a new stake in Grayscale Bitcoin Trust ETF during the 1st quarter worth approximately $65,170,000. DRW Securities LLC increased its holdings in shares of Grayscale Bitcoin Trust ETF by 849.0% in the first quarter. DRW Securities LLC now owns 370,589 shares of the company’s stock valued at $24,151,000 after purchasing an additional 331,538 shares during the period. SCS Capital Management LLC purchased a new stake in shares of Grayscale Bitcoin Trust ETF during the first quarter worth approximately $4,950,000. WESCAP Management Group Inc. acquired a new stake in shares of Grayscale Bitcoin Trust ETF during the second quarter worth $6,190,000. Finally, Cresset Asset Management LLC grew its position in Grayscale Bitcoin Trust ETF by 27.0% in the 1st quarter. Cresset Asset Management LLC now owns 299,976 shares of the company’s stock valued at $19,549,000 after buying an additional 63,749 shares during the last quarter.
Grayscale Bitcoin Trust ETF Stock Performance
Shares of GBTC opened at $81.30 on Friday. The stock has a market capitalization of $19.57 billion, a P/E ratio of 2.23 and a beta of 2.40. Grayscale Bitcoin Trust ETF has a 1 year low of $59.79 and a 1 year high of $99.12. The company’s fifty day moving average is $88.36 and its two-hundred day moving average is $86.67.
Grayscale Bitcoin Trust ETF Profile
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.
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