iShares Bitcoin Trust (NASDAQ:IBIT) Shares Down 2% – Here’s Why

iShares Bitcoin Trust (NASDAQ:IBIT)’s share price were down 2% on Monday . The company traded as low as $53.69 and last traded at $56.56. Approximately 33,431,794 shares traded hands during mid-day trading, a decline of 29% from the average daily volume of 47,144,141 shares. The stock had previously closed at $57.71.

iShares Bitcoin Trust Price Performance

The stock has a 50-day moving average of $56.35 and a 200-day moving average of $44.55.

Institutional Investors Weigh In On iShares Bitcoin Trust

Institutional investors have recently bought and sold shares of the stock. Smartleaf Asset Management LLC increased its position in shares of iShares Bitcoin Trust by 864.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 9,399 shares of the company’s stock valued at $503,000 after buying an additional 8,424 shares during the period. Maia Wealth LLC purchased a new position in iShares Bitcoin Trust in the 4th quarter worth about $342,000. Cape Investment Advisory Inc. lifted its holdings in shares of iShares Bitcoin Trust by 12.4% during the 4th quarter. Cape Investment Advisory Inc. now owns 20,697 shares of the company’s stock valued at $1,098,000 after buying an additional 2,284 shares during the period. Morgan Dempsey Capital Management LLC bought a new stake in shares of iShares Bitcoin Trust during the 4th quarter valued at about $46,000. Finally, Spectrum Wealth Counsel LLC boosted its holdings in shares of iShares Bitcoin Trust by 327.9% in the fourth quarter. Spectrum Wealth Counsel LLC now owns 5,417 shares of the company’s stock worth $287,000 after buying an additional 4,151 shares during 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.