iShares Bitcoin Trust (NASDAQ:IBIT) Stock Price Down 1.2% – Time to Sell?

iShares Bitcoin Trust (NASDAQ:IBIT) fell 1.2% during trading on Thursday . The stock traded as low as $45.76 and last traded at $46.25. 12,653,824 shares were traded during trading, a decline of 72% from the average session volume of 45,951,723 shares. The stock had previously closed at $46.83.

iShares Bitcoin Trust Stock Performance

The firm’s 50 day simple moving average is $49.70 and its 200 day simple moving average is $49.66.

Institutional Investors Weigh In On iShares Bitcoin Trust

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kovitz Investment Group Partners LLC acquired a new position in shares of iShares Bitcoin Trust in the 3rd quarter valued at $526,000. XTX Topco Ltd acquired a new stake in shares of iShares Bitcoin Trust during the 3rd quarter valued at about $303,000. Orion Portfolio Solutions LLC increased its stake in shares of iShares Bitcoin Trust by 9.4% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 8,101 shares of the company’s stock valued at $293,000 after purchasing an additional 694 shares in the last quarter. SOA Wealth Advisors LLC. raised its holdings in iShares Bitcoin Trust by 38.5% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,619 shares of the company’s stock worth $58,000 after purchasing an additional 450 shares during the period. Finally, Pine Valley Investments Ltd Liability Co purchased a new position in iShares Bitcoin Trust during the third quarter worth approximately $353,000.

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.