Acorn Financial Advisory Services Inc. Reduces Stake in iShares Bitcoin Trust

Acorn Financial Advisory Services Inc. ADV has significantly decreased its investment in iShares Bitcoin Trust (NASDAQ:IBIT) by 46.2% during the third quarter. As reported in its latest 13F filing with the Securities and Exchange Commission (SEC), the firm sold 31,140 shares, leaving it with a total of 36,282 shares in the company. At the conclusion of the reporting period, Acorn's holdings in iShares Bitcoin Trust were valued at approximately $1,311,000.

Other institutional investors have also been adjusting their stakes in iShares Bitcoin Trust. For instance, Glass Jacobson Investment Advisors LLC established a new position in the fund valued at roughly $26,000 in the second quarter. Additionally, Asset Dedication LLC increased its ownership by 52.4% in the third quarter, bringing its total to 811 shares valued at about $29,000 after acquiring 279 additional shares. Creekmur Asset Management LLC, International Assets Investment Management LLC, and Thurston Springer Miller Herd & Titak Inc. also made new investments in the second quarter, with valuations of around $30,000, $31,000, and $36,000 respectively.

iShares Bitcoin Trust Stock Performance

On Friday, the iShares Bitcoin Trust stock saw a slight increase of $0.09, reaching $43.69 during midday trading. The stock's trading volume was notably high at 44,183,719 shares, which surpassed its average volume of 31,394,033. Over the past 52 weeks, the stock has recorded a low of $22.02 and a high of $44.09. Currently, its 50-day moving average price is $36.55 and the 200-day moving average is $36.24.

Overview of iShares Bitcoin Trust

The iShares Bitcoin Trust (IBIT) is an exchange-traded fund primarily focused on long exposure to Bitcoin while shorting USD currency. It is a passively managed fund designed to reflect the spot price of Bitcoin. The trust was launched on January 5, 2024, under the management of BlackRock.

Investment Considerations

Before making an investment in iShares Bitcoin Trust, it’s advisable to review what top analysts are recommending. According to market analysis, while IBIT currently maintains a 'Hold' rating, there are five other stocks that analysts consider to be more attractive investment opportunities.

iShares, Bitcoin, Investment