HighTower Advisors LLC has significantly increased its investment in the Bitwise Bitcoin ETF (NYSEARCA:BITB), raising its holdings by 26.9% during the third quarter of 2023. According to reports from HoldingsChannel.com, the advisory firm now owns a total of 67,942 shares after acquiring an additional 14,382 shares during this period. The current valuation of HighTower”s holdings in the ETF stands at approximately $4,227,000, based on its latest filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also adjusted their positions in the Bitwise Bitcoin ETF. For instance, Private Trust Co. NA purchased a new stake valued at $29,000 in the third quarter, while North Star Investment Management Corp. increased its holdings by an impressive 85.6%, bringing its total to 618 shares worth about $38,000 after buying an additional 285 shares. Additionally, Geneos Wealth Management Inc. ramped up its investment by 722.1%, now owning 781 shares valued at $49,000, following the acquisition of 686 extra shares.
Other notable movements include Root Financial Partners LLC, which entered the market with a new stake estimated at $52,000, and Fairway Wealth LLC, which boosted its holdings by 51.1% to reach 1,677 shares worth $104,000 after acquiring 567 additional shares.
As for the Bitwise Bitcoin ETF itself, shares opened at $35.01 recently. The ETF”s performance is closely monitored, with a 50-day moving average price sitting at $44.83 and a 200-day moving average at $53.44. The fund has experienced a 52-week low of $33.81 and a high of $68.74, indicating notable volatility in its trading history.
The Bitwise Bitcoin ETF Trust primarily focuses on investing in long positions in Bitcoin (BTC) while shorting USD. This passively managed fund aims to replicate the price performance of spot Bitcoin, holding the cryptocurrency directly in a secure multi-layer cold storage wallet. Launched on January 10, 2024, the ETF represents a significant step in the ongoing evolution of cryptocurrency investment vehicles.
For those interested in tracking the latest movements and holdings of hedge funds in relation to the Bitwise Bitcoin ETF, HoldingsChannel.com offers up-to-date 13F filings and insider trading information.
