2x Ether ETF (NYSEARCA:ETHU) Shares Gap Up – Still a Buy?

2x Ether ETF (NYSEARCA:ETHU) shares gapped up prior to trading on Wednesday . The stock had previously closed at $79.98, but opened at $86.00. 2x Ether ETF shares last traded at $82.20, with a volume of 2,281,680 shares trading hands.

2x Ether ETF Stock Down 1.6%

The stock’s fifty day simple moving average is $121.03 and its 200 day simple moving average is $100.61.

Institutional Investors Weigh In On 2x Ether ETF

Hedge funds and other institutional investors have recently bought and sold shares of the company. OLD Mission Capital LLC acquired a new stake in 2x Ether ETF in the first quarter valued at approximately $680,000. Jump Financial LLC purchased a new stake in shares of 2x Ether ETF during the 2nd quarter valued at $5,094,000. Flow Traders U.S. LLC acquired a new stake in shares of 2x Ether ETF in the 2nd quarter worth $2,071,000. Kingswood Wealth Advisors LLC purchased a new position in 2x Ether ETF during the 3rd quarter worth $690,000. Finally, Silverleafe Capital Partners LLC acquired a new position in 2x Ether ETF during the 2nd quarter valued at about $223,000.

About 2x Ether ETF

The 2x Ether ETF (ETHU) is an exchange-traded fund that mostly invests in long eth, short usd currency. The fund is actively managed, aiming to provide 2x the daily price movements of Ether (ETH). The funds primary investment is cash-settled CME Ether futures ETHU was launched on Jun 4, 2024 and is issued by Volatility Shares.