iShares Bitcoin Trust (NASDAQ:IBIT) Trading Up 0.8% – What’s Next?

iShares Bitcoin Trust (NASDAQ:IBIT) shares shot up 0.8% during mid-day trading on Thursday . The company traded as high as $49.60 and last traded at $49.55. 13,250,278 shares traded hands during trading, a decline of 71% from the average session volume of 44,954,207 shares. The stock had previously closed at $49.18.

iShares Bitcoin Trust Stock Performance

The firm’s 50 day simple moving average is $53.03 and its 200 day simple moving average is $48.56.

Hedge Funds Weigh In On iShares Bitcoin Trust

Several institutional investors and hedge funds have recently modified their holdings of the stock. Millennium Management LLC lifted its holdings in iShares Bitcoin Trust by 27.0% in the fourth quarter. Millennium Management LLC now owns 29,850,198 shares of the company’s stock valued at $1,583,553,000 after acquiring an additional 6,352,197 shares during the period. Brevan Howard Capital Management LP acquired a new position in shares of iShares Bitcoin Trust in the 4th quarter valued at $1,385,364,000. Symmetry Investments LP grew its position in iShares Bitcoin Trust by 3,605.8% during the fourth quarter. Symmetry Investments LP now owns 12,678,808 shares of the company’s stock valued at $672,611,000 after buying an additional 12,336,673 shares during the period. D. E. Shaw & Co. Inc. grew its position in shares of iShares Bitcoin Trust by 344.8% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 9,667,431 shares of the company’s stock valued at $512,857,000 after acquiring an additional 7,494,123 shares during the period. Finally, Capula Management Ltd increased its stake in shares of iShares Bitcoin Trust by 8.7% in the 4th quarter. Capula Management Ltd now owns 9,268,886 shares of the company’s stock valued at $491,714,000 after purchasing an additional 743,930 shares in the last quarter.

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.