Grayscale Bitcoin Trust (GBTC) Dips 7.5% As Institutional Investors Weigh In

The Grayscale Bitcoin Trust (GBTC) is an exchange-traded fund that mostly invests in long btc, short usd currency.

Grayscale Bitcoin Trust (NYSEARCA:GBTC – Get Free Report) shares plummeted Friday after the Securities and Exchange Commission (SEC) rejected the company’s application to convert its trust into an exchange-traded fund (ETF).

Grayscale shares fell 7.5% during morning trading, slipping to a low of $49.16 before last trading at $49.62. Around 1,445,102 shares changed hands by mid-day, marking an 88% decline compared to the average daily volume of 12,544,745 shares. The stock closed Friday at $53.66.

The Grayscale Bitcoin Trust tracks the daily USD spot price of bitcoin (BTC) and is designed to offer investors exposure to the cryptocurrency’s price movements. An investment in the trust is not a direct investment in bitcoin.

The trust, which has a market capitalization of $25.61 billion, trades at a P/E multiple of 2.29 and a beta of 1.25. The company’s 50 day simple moving average is $57.59 and its 200 day simple moving average is $51.91.

Institutions Increasing Grayscale Holdings

Recent institutional filings with the SEC showed several large investors increasing their holdings of Grayscale Bitcoin Trust.

Global Wealth Strategies & Associates disclosed a new stake in 100 shares of Grayscale Bitcoin Trust during the second quarter, valued at around $27,000.

Transcend Capital Advisors LLC also acquired a new stake in 2,500 shares of the trust in the second quarter, as noted in a SEC filing. The stake was valued at approximately $1,359,000.

According to a SEC filing, HFG Wealth Management LLC bought a new stake of 10,000 shares in Grayscale Bitcoin Trust during the first quarter, valued at about $13,630,000.

EverSource Wealth Advisors LLC disclosed a new stake in 600 shares of Grayscale Bitcoin Trust in the first quarter, valued at approximately $81,000.

Finally, Objective Capital Management LLC acquired a new stake in 2,000 shares of Grayscale Bitcoin Trust during the first quarter, as noted in a SEC filing. The stake was valued at approximately $268,000.

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