Elevate Capital Advisors LLC Purchases Shares of iShares Bitcoin Trust

Elevate Capital Advisors LLC has recently made a significant investment in the iShares Bitcoin Trust (NASDAQ:IBIT - Free Report) during the fourth quarter, as outlined in their latest filing with the Securities and Exchange Commission. The institutional investor acquired a total of 32,025 shares, with an estimated value of around $1,699,000. This investment constitutes approximately 1.5% of Elevate Capital Advisors LLC's entire portfolio, positioning it as their 25th largest holding.

Additionally, several other institutional investors have adjusted their positions in the iShares Bitcoin Trust. Union Savings Bank entered the market by purchasing a new stake worth about $25,000 in the fourth quarter. Meanwhile, City Holding Co. increased its ownership by 95.2%, now holding 488 shares valued at $26,000 after acquiring an additional 238 shares in the recent quarter. Similarly, Stephens Consulting LLC raised its stake by 62.8%, bringing its total to 490 shares, also valued at $26,000.

Crewe Advisors LLC made a notable increase in its investment, growing by 151.0% in the same timeframe. They now possess 502 shares worth approximately $27,000 following a purchase of 302 shares in the last quarter. Finally, PSI Advisors LLC has also stepped in by acquiring a new position in the iShares Bitcoin Trust, worth about $30,000 during the fourth quarter.

Price and Performance of iShares Bitcoin Trust

As of Monday, iShares Bitcoin Trust stock opened at $54.47. The stock has a fifty-day simple moving average of $56.35 and a two-hundred-day simple moving average of $44.86. Over the past year, the trust has experienced a low of $25.64 and a high reaching $61.75, highlighting significant volatility in its trading price.

Overview of iShares Bitcoin Trust

The IShares Bitcoin Trust (IBIT) is structured as an exchange-traded fund primarily focused on investing in Bitcoin while shorting the US dollar. This passively managed fund aims to track the spot price of Bitcoin and was launched on January 5, 2024, by BlackRock.

Investment Considerations

Potential investors considering the iShares Bitcoin Trust should carefully analyze ongoing market trends. Although currently rated as a "Hold" by analysts, there may be alternative stocks deemed more favorable at this time. It is essential to evaluate various investment opportunities before making decisions.

investment, crypto, portfolio