iShares Bitcoin Trust ETF (NASDAQ:IBIT) Sees Large Volume Increase – Here’s Why

Shares of iShares Bitcoin Trust ETF (NASDAQ:IBIT) saw unusually-high trading volume on Thursday . Approximately 33,081,701 shares were traded during trading, a decline of 37% from the previous session’s volume of 52,259,094 shares.The stock last traded at $40.62 and had previously closed at $38.78.

iShares Bitcoin Trust ETF Price Performance

The business’s 50-day moving average price is $36.00 and its two-hundred day moving average price is $39.11.

Hedge Funds Weigh In On iShares Bitcoin Trust ETF

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Benjamin Edwards Inc. lifted its position in shares of iShares Bitcoin Trust ETF by 24.9% during the 2nd quarter. Benjamin Edwards Inc. now owns 34,414 shares of the company’s stock valued at $1,146,000 after acquiring an additional 6,858 shares during the period. Alyeska Investment Group L.P. bought a new position in shares of iShares Bitcoin Trust ETF in the second quarter worth $6,658,000. Flputnam Investment Management Co. bought a new position in shares of iShares Bitcoin Trust ETF in the second quarter worth $50,000. Northwestern Mutual Wealth Management Co. raised its stake in iShares Bitcoin Trust ETF by 13.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 421,063 shares of the company’s stock valued at $14,017,000 after purchasing an additional 49,248 shares in the last quarter. Finally, Boussard & Gavaudan Gestion Sas acquired a new position in iShares Bitcoin Trust ETF in the second quarter valued at about $583,000.

iShares Bitcoin Trust ETF 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.