In a notable move within the cryptocurrency investment landscape, Synergy Asset Management LLC has raised its position in the iShares Bitcoin Trust ETF (NASDAQ: IBIT) by an impressive 196.1% during the third quarter of 2023. This increase was detailed in the firm”s latest filing with the Securities and Exchange Commission.
Following this acquisition, Synergy now holds a total of 245,142 shares of the ETF, having added 162,353 shares in the recent quarter. The total value of these holdings stood at approximately $15,307,000 as per the latest filings.
Other institutional investors have also been active, adjusting their stakes in the iShares Bitcoin Trust ETF. For instance, StoneX Group Inc. raised its position by 41.2% in the second quarter, bringing its total to 71,076 shares valued at $4,347,000 after purchasing an additional 20,755 shares. Similarly, Finer Wealth Management Inc. increased its holdings by 136.2% during the same period, now owning 39,668 shares worth $2,428,000 after acquiring 22,872 shares.
Moreover, Calamos Wealth Management LLC expanded its stake by 81.0% in the third quarter, acquiring an additional 22,045 shares to reach a total of 49,258 shares valued at $3,202,000. Brighton Jones LLC also entered the fray, acquiring a new stake in the ETF valued at around $711,000.
The trading dynamics of the iShares Bitcoin Trust ETF have shown positive movement, with shares opening at $50.94 on Friday, reflecting a 2.6% increase. Current moving averages are at $53.16 for the fifty-day and $60.57 for the two-hundred-day periods. Over the past year, the ETF has experienced a low of $42.98 and a high of $71.82.
Launched on January 5, 2024, the iShares Bitcoin Trust ETF is designed to primarily invest in long positions on Bitcoin while shorting USD, aiming to track the spot price of Bitcoin. Issued by BlackRock, this ETF represents a significant development in the evolution of cryptocurrency investment vehicles.
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