Yong Rong HK Asset Management Ltd Sells Shares of iShares Bitcoin Trust

Yong Rong HK Asset Management Ltd has reduced its investment in the iShares Bitcoin Trust (NASDAQ:IBIT) by 15.1% during the third quarter, as revealed in its latest filing with the Securities and Exchange Commission. After selling 110,960 shares, the fund currently holds 625,601 shares of IBIT. This fund positions iShares Bitcoin Trust as 6.5% of its overall investment portfolio, making it the eighth largest investment within their holdings. At the end of the most recent reporting period, Yong Rong HK Asset Management Ltd owned approximately $22,603,000 worth of shares in iShares Bitcoin Trust.

Additionally, various other institutional investors and hedge funds have recently made changes to their holdings of IBIT. For example, Sequoia Financial Advisors LLC initiated a new position in iShares Bitcoin Trust during the first quarter, valued at around $609,000. Similarly, BNP Paribas Financial Markets also acquired a new position in the same quarter, estimated at approximately $42,000. Other firms such as Almanack Investment Partners LLC, Gilbert & Cook Inc., and Thompson Davis & CO. Inc. have also made new investments in IBIT, valued at $744,000, $440,000, and $451,000 respectively.

Current Performance of iShares Bitcoin Trust

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

Overview of iShares Bitcoin Trust

The iShares Bitcoin Trust (IBIT) is an exchange-traded fund that predominantly invests in Bitcoin while seeking to short the US dollar. This passively managed fund aims to track the spot price of Bitcoin. Launched on January 5, 2024, IBIT is issued by BlackRock.

Investing Considerations

Before contemplating an investment in iShares Bitcoin Trust, potential investors may want to analyze various relevant factors. Recent reports indicate that although IBIT currently holds a "hold" rating among analysts, several top-rated analysts are recommending five alternative stocks that they believe present better investment opportunities.

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