iShares Bitcoin Trust (NASDAQ:IBIT) Shares Up 6.4% – Time to Buy?

iShares Bitcoin Trust (NASDAQ:IBIT) shares traded up 6.4% during mid-day trading on Wednesday . The company traded as high as $56.41 and last traded at $56.23. 27,692,662 shares were traded during trading, a decline of 21% from the average session volume of 35,241,980 shares. The stock had previously closed at $52.87.

iShares Bitcoin Trust Stock Down 3.4 %

The stock has a 50 day moving average of $49.77 and a 200 day moving average of $40.26.

Institutional Investors Weigh In On iShares Bitcoin Trust

A number of institutional investors have recently modified their holdings of IBIT. B. Riley Wealth Advisors Inc. lifted its holdings in iShares Bitcoin Trust by 32.2% in the third quarter. B. Riley Wealth Advisors Inc. now owns 38,078 shares of the company’s stock valued at $1,357,000 after buying an additional 9,266 shares during the period. Garden State Investment Advisory Services LLC bought a new position in shares of iShares Bitcoin Trust in the 3rd quarter worth about $656,000. Franklin Resources Inc. acquired a new position in shares of iShares Bitcoin Trust in the 3rd quarter valued at about $1,107,000. Tidal Investments LLC boosted its position in shares of iShares Bitcoin Trust by 12.4% during the 3rd quarter. Tidal Investments LLC now owns 228,354 shares of the company’s stock valued at $8,250,000 after purchasing an additional 25,232 shares in the last quarter. Finally, World Investment Advisors LLC grew its stake in iShares Bitcoin Trust by 31.1% during the third quarter. World Investment Advisors LLC now owns 11,888 shares of the company’s stock worth $430,000 after purchasing an additional 2,823 shares during the period.

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.