Yong Rong HK Asset Management Ltd Reduces Stake in iShares Bitcoin Trust

Yong Rong HK Asset Management Ltd has decreased its investment in iShares Bitcoin Trust (NASDAQ:IBIT - Free Report) by 15.1% over the third quarter, based on recent disclosures filed with the Securities and Exchange Commission. After selling 110,960 shares during the quarter, the fund now holds 625,601 shares of the trust. This represents 6.5% of Yong Rong HK Asset Management Ltd's total investment portfolio, making it the fund's eighth largest position.

At the end of the latest reporting period, Yong Rong HK Asset Management Ltd's stake in iShares Bitcoin Trust was valued at approximately $22,603,000, accounting for 0.10% of the total shares outstanding.

In addition to Yong Rong's actions, several other institutional investors have also modified their positions in IBIT recently. For instance, Sequoia Financial Advisors LLC entered a new investment in shares of iShares Bitcoin Trust during the first quarter, worth about $609,000. Similarly, BNP Paribas Financial Markets acquired a new position valued at approximately $42,000, while Almanack Investment Partners LLC invested around $744,000. Other funds like Gilbert & Cook Inc. and Thompson Davis & CO. Inc. also purchased new stakes in IBIT during the same quarter, valued at $440,000 and $451,000, respectively.

Current Stock Performance of iShares Bitcoin Trust

As of the last trading session, shares of iShares Bitcoin Trust opened at $39.37. The stock has experienced a low of $22.02 and a high of $41.99 over the past twelve months. The fifty-day moving average price stands at $35.82, while the 200-day moving average price is recorded at $36.05.

Overview of iShares Bitcoin Trust

iShares Bitcoin Trust (IBIT) is an exchange-traded fund primarily focused on investing in Bitcoin while also shorting US dollars. It is a passively managed fund aiming to match the spot price of Bitcoin. Issued by BlackRock, this ETF was launched on January 5, 2024, and has since attracted various investors looking to gain exposure to Bitcoin in a structured manner.

Final Thoughts

Investors should remain aware of the shifts in holdings by institutional investors in Bitcoin-related assets like iShares Bitcoin Trust. This ongoing trend could impact market dynamics and strategies pertaining to cryptocurrency investments.

iShares, Bitcoin, Trust