Grayscale Bitcoin Trust (GBTC) Stock Gap Up Premarket: What\'s Driving the Action?

The Grayscale Bitcoin Trust (NYSEARCA: GBTC – Get Free Report) share price gapped up prior to trading on Monday.

Grayscale Bitcoin Trust (NYSEARCA:GBTC – Get Free Report) shares gapped up prior to trading on Monday.

The stock had previously closed at $53.24, but opened at $55.87. Grayscale Bitcoin Trust shares last traded at $55.64, down 2.37% from the opening price, with a volume of 543,930 shares.

The stock has a market cap of $28.37 billion, a P/E ratio of 2.29 and a beta of 1.25. The company’s fifty day moving average price is $58.01 and its 200-day moving average price is $51.51.

Several hedge funds and other institutional investors have recently modified their holdings of the business. HFG Wealth Management LLC purchased a new position in Grayscale Bitcoin Trust in the 1st quarter, purchasing 250,000 shares of the company’s stock, valued at approximately $13,630,000 at the time. EverSource Wealth Advisors LLC also bought a new position in Grayscale Bitcoin Trust in the 1st quarter, acquiring 4,000 shares of the company’s stock, valued at approximately $81,000 at the time.

Objective Capital Management LLC purchased a new position in shares of Grayscale Bitcoin Trust during the first quarter, buying 10,000 shares of the company’s stock, valued at approximately $268,000 at the time. Pathway Financial Advisers LLC bought a new stake in shares of Grayscale Bitcoin Trust during the first quarter, purchasing 5,000 shares of the company’s stock, valued at approximately $122,000 at the time.

Finally, Soltis Investment Advisors LLC purchased a new stake in shares of Grayscale Bitcoin Trust in the first quarter, buying 60,000 shares of the company’s stock, valued at approximately $1,384,000 at the time.

The Grayscale Bitcoin Trust (GBTC) is an exchange-traded fund that primarily 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 January 11, 2024 and is issued by Grayscale.

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