ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Stock Price Up 8.3% – Here’s Why

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) shares were up 8.3% during trading on Friday . The company traded as high as $28.54 and last traded at $28.3550. Approximately 1,022,554 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 2,786,328 shares. The stock had previously closed at $26.19.

ProShares Ultra Bitcoin ETF Price Performance

The company has a 50 day moving average price of $38.13 and a 200 day moving average price of $49.09.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Advisory Services Network LLC bought a new position in shares of ProShares Ultra Bitcoin ETF in the 3rd quarter valued at about $111,000. NewEdge Advisors LLC lifted its holdings in ProShares Ultra Bitcoin ETF by 52.7% in the third quarter. NewEdge Advisors LLC now owns 66,510 shares of the company’s stock valued at $3,551,000 after buying an additional 22,964 shares during the period. Orion Porfolio Solutions LLC lifted its holdings in 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 valued at $441,000 after buying an additional 723 shares during the period. Bleakley Financial Group LLC boosted its stake in ProShares Ultra Bitcoin ETF by 11.9% in the third quarter. Bleakley Financial Group LLC now owns 33,836 shares of the company’s stock valued at $1,807,000 after acquiring an additional 3,591 shares during the last quarter. Finally, Mutual Advisors LLC grew its holdings in ProShares Ultra Bitcoin ETF by 4.0% during 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 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.