ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Stock Price Down 3.4% – Should You Sell?

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) shares traded down 3.4% during mid-day trading on Thursday . The company traded as low as $10.88 and last traded at $11.33. 4,481,131 shares changed hands during mid-day trading, a decline of 22% from the average session volume of 5,777,751 shares. The stock had previously closed at $11.73.

ProShares Ultra Bitcoin ETF Price Performance

The company has a 50-day moving average price of $13.39 and a 200 day moving average price of $29.21.

ProShares Ultra Bitcoin ETF Cuts Dividend

The firm also recently disclosed a monthly dividend, which was paid on Friday, March 6th. Shareholders of record on Monday, March 2nd were given a dividend of $0.0234 per share. The ex-dividend date was Monday, March 2nd. This represents a c) dividend on an annualized basis and a yield of 2.5%.

Hedge Funds Weigh In On ProShares Ultra Bitcoin ETF

A number of large investors have recently made changes to their positions in the business. EFG International AG purchased a new stake in shares of ProShares Ultra Bitcoin ETF in the fourth quarter worth approximately $53,000. Heritage Wealth Advisors purchased a new position in ProShares Ultra Bitcoin ETF during the fourth quarter valued at approximately $243,000. DRW Securities LLC increased its stake in ProShares Ultra Bitcoin ETF by 1,133.6% in the 4th quarter. DRW Securities LLC now owns 261,525 shares of the company’s stock valued at $5,777,000 after buying an additional 240,324 shares during the period. Renaissance Technologies LLC lifted its position in ProShares Ultra Bitcoin ETF by 1,627.7% in the 4th quarter. Renaissance Technologies LLC now owns 143,400 shares of the company’s stock worth $3,168,000 after buying an additional 135,100 shares in the last quarter. Finally, Group One Trading LLC purchased a new stake in ProShares Ultra Bitcoin ETF in the 4th quarter worth approximately $39,000.

ProShares Ultra Bitcoin ETF Company Profile

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.