Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC) Hits New 12-Month Low – Should You Sell?

Grayscale Bitcoin Trust ETF (NYSEARCA:GBTC)’s share price reached a new 52-week low during mid-day trading on Friday . The company traded as low as $46.61 and last traded at $46.81, with a volume of 2032824 shares trading hands. The stock had previously closed at $49.34.

Grayscale Bitcoin Trust ETF Trading Down 6.6%

The stock’s 50-day moving average is $57.77 and its 200-day moving average is $61.61. The company has a market cap of $11.09 billion, a price-to-earnings ratio of 2.23 and a beta of 2.15.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of GBTC. Bank of America Corp DE boosted its holdings in shares of Grayscale Bitcoin Trust ETF by 5.5% during the 2nd quarter. Bank of America Corp DE now owns 2,386 shares of the company’s stock valued at $202,000 after buying an additional 125 shares in the last quarter. Great Valley Advisor Group Inc. boosted its holdings in shares of Grayscale Bitcoin Trust ETF by 2.1% during the 2nd quarter. Great Valley Advisor Group Inc. now owns 5,942 shares of the company’s stock valued at $504,000 after buying an additional 125 shares in the last quarter. EP Wealth Advisors LLC boosted its holdings in shares of Grayscale Bitcoin Trust ETF by 1.5% during the 2nd quarter. EP Wealth Advisors LLC now owns 8,952 shares of the company’s stock valued at $759,000 after buying an additional 130 shares in the last quarter. Runnymede Capital Advisors Inc. boosted its holdings in shares of Grayscale Bitcoin Trust ETF by 1.1% during the 3rd quarter. Runnymede Capital Advisors Inc. now owns 12,608 shares of the company’s stock valued at $1,132,000 after buying an additional 140 shares in the last quarter. Finally, Mill Creek Capital Advisors LLC boosted its holdings in shares of Grayscale Bitcoin Trust ETF by 3.2% during the 3rd quarter. Mill Creek Capital Advisors LLC now owns 4,588 shares of the company’s stock valued at $412,000 after buying an additional 143 shares in the last quarter.

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.