ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Shares Gap Up – Here’s Why

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $14.05, but opened at $15.36. ProShares Ultra Bitcoin ETF shares last traded at $15.48, with a volume of 1,336,029 shares traded.

ProShares Ultra Bitcoin ETF Trading Down 2.9%

The stock has a fifty day moving average of $12.71 and a 200-day moving average of $25.29.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Mutual Advisors LLC grew its holdings in shares of ProShares Ultra Bitcoin ETF by 4.0% during the third quarter. Mutual Advisors LLC now owns 18,292 shares of the company’s stock worth $977,000 after buying an additional 700 shares in 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 valued at $40,000 after purchasing an additional 702 shares during the last quarter. Orion Porfolio Solutions LLC boosted its position in ProShares Ultra Bitcoin ETF by 9.6% during the third quarter. Orion Porfolio Solutions LLC now owns 8,257 shares of the company’s stock valued at $441,000 after purchasing an additional 723 shares during the last quarter. Winnow Wealth LLC boosted its position in ProShares Ultra Bitcoin ETF by 99.1% during the fourth quarter. Winnow Wealth LLC now owns 2,282 shares of the company’s stock valued at $52,000 after purchasing an additional 1,136 shares during the last quarter. Finally, Financial Management Professionals Inc. boosted its position in ProShares Ultra Bitcoin ETF by 1.9% during the fourth quarter. Financial Management Professionals Inc. now owns 64,619 shares of the company’s stock valued at $1,427,000 after purchasing an additional 1,176 shares during the last quarter.

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.