Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) Hits New 52-Week High – Here’s Why

Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $96.99 and last traded at $97.27, with a volume of 2249943 shares changing hands. The stock had previously closed at $94.93.

Grayscale Bitcoin Trust ETF Trading Up 1.5%

The firm has a market cap of $23.20 billion, a PE ratio of 2.23 and a beta of 2.47. The company has a 50-day simple moving average of $90.02 and a 200 day simple moving average of $82.89.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Elevation Point Wealth Partners LLC purchased a new stake in shares of Grayscale Bitcoin Trust ETF during the 2nd quarter worth about $33,000. First Horizon Advisors Inc. boosted its position in Grayscale Bitcoin Trust ETF by 90.9% during the first quarter. First Horizon Advisors Inc. now owns 420 shares of the company’s stock worth $27,000 after purchasing an additional 200 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new stake in Grayscale Bitcoin Trust ETF in the second quarter valued at approximately $42,000. Hurley Capital LLC purchased a new stake in shares of Grayscale Bitcoin Trust ETF in the first quarter valued at approximately $34,000. Finally, Flaharty Asset Management LLC purchased a new stake in shares of Grayscale Bitcoin Trust ETF in the first quarter valued at approximately $39,000.

Grayscale Bitcoin Trust ETF Company 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.