ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Shares Gap Down – Should You Sell?

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU – Get Free Report) shares gapped down before the market opened on Thursday. The stock had previously closed at $15.37, but opened at $14.35. ProShares Ultra Bitcoin ETF shares last traded at $14.2550, with a volume of 985,963 shares changing hands.

ProShares Ultra Bitcoin ETF Stock Performance

The business’s 50-day simple moving average is $14.11 and its 200-day simple moving average is $12.42.

Hedge Funds Weigh In On ProShares Ultra Bitcoin ETF

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Turner Financial Group Inc. acquired a new stake in shares of ProShares Ultra Bitcoin ETF in the second quarter valued at approximately $633,000. Financial Management Professionals Inc. purchased a new stake in shares of ProShares Ultra Bitcoin ETF in the 3rd quarter valued at $982,000. EverSource Wealth Advisors LLC lifted its position in shares of ProShares Ultra Bitcoin ETF by 15.0% during the first quarter. EverSource Wealth Advisors LLC now owns 57,139 shares of the company’s stock worth $665,000 after purchasing an additional 7,452 shares in the last quarter. Strive Financial Group LLC purchased a new stake in shares of ProShares Ultra Bitcoin ETF during the second quarter worth $366,000. Finally, IMC Chicago LLC acquired a new stake in shares of ProShares Ultra Bitcoin ETF in the first quarter valued at $311,000.

About ProShares Ultra Bitcoin ETF

(Get Free Report)

The ProShares UltraBitcoin ETF (BITU) is an exchange-traded fund that is based on the Bloomberg Bitcoin index. The fund tracks 2x the daily price movements of an index that measures the price of Bitcoin. The fund uses swaps to provide leveraged exposure to Bitcoin. BITU was launched on Apr 2, 2024 and is issued by ProShares.

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