iShares Bitcoin Trust (NASDAQ:IBIT) Stock Price Up 3.5% – Time to Buy?

iShares Bitcoin Trust (NASDAQ:IBIT) shares shot up 3.5% during mid-day trading on Thursday . The company traded as high as $55.45 and last traded at $54.92. 16,443,831 shares changed hands during trading, a decline of 53% from the average session volume of 35,205,520 shares. The stock had previously closed at $53.05.

iShares Bitcoin Trust Stock Performance

The stock’s 50 day moving average price is $51.97 and its 200-day moving average price is $41.02.

Institutional Investors Weigh In On iShares Bitcoin Trust

A number of institutional investors and hedge funds have recently bought and sold shares of IBIT. International Assets Investment Management LLC purchased a new stake in iShares Bitcoin Trust during the second quarter worth $31,000. Commonwealth Equity Services LLC boosted its position in iShares Bitcoin Trust by 18.5% during the second quarter. Commonwealth Equity Services LLC now owns 303,505 shares of the company’s stock valued at $10,362,000 after purchasing an additional 47,430 shares in the last quarter. Larson Financial Group LLC grew its stake in iShares Bitcoin Trust by 322.9% in the second quarter. Larson Financial Group LLC now owns 14,814 shares of the company’s stock valued at $506,000 after purchasing an additional 11,311 shares during the last quarter. SouthState Corp lifted its position in shares of iShares Bitcoin Trust by 201.8% during the second quarter. SouthState Corp now owns 11,926 shares of the company’s stock valued at $407,000 after buying an additional 7,975 shares during the last quarter. Finally, Synergy Asset Management LLC boosted its holdings in shares of iShares Bitcoin Trust by 105.6% in the 2nd quarter. Synergy Asset Management LLC now owns 107,139 shares of the company’s stock valued at $3,658,000 after buying an additional 55,031 shares in the last quarter.

iShares Bitcoin Trust 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.