Bitwise Bitcoin ETF (NYSEARCA:BITB) Shares Gap Down – Here’s Why
by Michael Walen · The Markets DailyShares of Bitwise Bitcoin ETF (NYSEARCA:BITB – Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $45.51, but opened at $42.39. Bitwise Bitcoin ETF shares last traded at $42.69, with a volume of 2,793,150 shares trading hands.
Bitwise Bitcoin ETF Trading Down 3.9%
The stock’s 50-day simple moving average is $48.34 and its 200-day simple moving average is $56.15.
Institutional Investors Weigh In On Bitwise Bitcoin ETF
Several institutional investors and hedge funds have recently made changes to their positions in the company. Elequin Capital LP raised its holdings in shares of Bitwise Bitcoin ETF by 962.9% during the third quarter. Elequin Capital LP now owns 393,733 shares of the company’s stock valued at $24,498,000 after purchasing an additional 356,688 shares during the last quarter. Tidal Investments LLC lifted its position in Bitwise Bitcoin ETF by 168.9% during the third quarter. Tidal Investments LLC now owns 532,269 shares of the company’s stock valued at $33,118,000 after purchasing an additional 334,296 shares in the last quarter. Consolidated Portfolio Review Corp lifted its position in shares of Bitwise Bitcoin ETF by 2,352.8% during the 4th quarter. Consolidated Portfolio Review Corp now owns 336,325 shares of the company’s stock valued at $15,996,000 after buying an additional 322,613 shares in the last quarter. Hunting Hill Global Capital LLC purchased a new position in Bitwise Bitcoin ETF during the second quarter valued at approximately $12,157,000. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Bitwise Bitcoin ETF by 38.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 693,101 shares of the company’s stock valued at $43,125,000 after buying an additional 191,146 shares in the last quarter.
Bitwise Bitcoin ETF Company Profile
The Bitwise Bitcoin ETF Trust (BITB) 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 price performance of spot Bitcoin (BTC). It will hold Bitcoin directly, secured through a multi-layer cold storage wallet. BITB was launched on Jan 10, 2024 and is issued by Bitwise.