ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Shares Gap Down – What’s Next?

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $31.53, but opened at $29.92. ProShares Ultra Bitcoin ETF shares last traded at $29.6870, with a volume of 1,174,737 shares.

ProShares Ultra Bitcoin ETF Stock Down 4.0%

The firm has a 50 day moving average price of $42.02 and a 200 day moving average price of $50.10.

Hedge Funds Weigh In On ProShares Ultra Bitcoin ETF

A number of hedge funds have recently bought and sold shares of BITU. Mutual Advisors LLC increased its holdings in ProShares Ultra Bitcoin ETF by 4.0% in the 3rd quarter. Mutual Advisors LLC now owns 18,292 shares of the company’s stock worth $977,000 after acquiring an additional 700 shares during the last quarter. CWM LLC boosted its position in ProShares Ultra Bitcoin ETF by 1,300.0% during the third quarter. CWM LLC now owns 756 shares of the company’s stock worth $40,000 after purchasing an additional 702 shares during the period. Orion Porfolio Solutions LLC increased its stake in shares of ProShares Ultra Bitcoin ETF by 9.6% in the third quarter. Orion Porfolio Solutions LLC now owns 8,257 shares of the company’s stock worth $441,000 after purchasing an additional 723 shares in the last quarter. Winnow Wealth LLC purchased a new position in shares of ProShares Ultra Bitcoin ETF in the third quarter worth about $62,000. Finally, United Capital Management of KS Inc. raised its position in shares of ProShares Ultra Bitcoin ETF by 19.3% in the first quarter. United Capital Management of KS Inc. now owns 8,617 shares of the company’s stock valued at $287,000 after purchasing an additional 1,396 shares during the period.

About ProShares Ultra Bitcoin ETF

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.