ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Shares Up 8.9% – Here’s What Happened

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU)’s share price shot up 8.9% on Thursday . The stock traded as high as $14.38 and last traded at $14.4990. 1,948,062 shares changed hands during trading, a decline of 61% from the average daily volume of 5,019,271 shares. The stock had previously closed at $13.31.

ProShares Ultra Bitcoin ETF Price Performance

The firm has a 50-day moving average price of $10.16 and a 200-day moving average price of $11.81.

Institutional Investors Weigh In On ProShares Ultra Bitcoin ETF

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BITU. Turner Financial Group Inc. purchased a new position in ProShares Ultra Bitcoin ETF during the second quarter valued at $633,000. Strive Financial Group LLC purchased a new stake in shares of ProShares Ultra Bitcoin ETF in the 2nd quarter worth about $366,000. SkyOak Wealth LLC bought a new position in shares of ProShares Ultra Bitcoin ETF in the 2nd quarter worth about $95,000. EverSource Wealth Advisors LLC increased its stake in shares of ProShares Ultra Bitcoin ETF by 15.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 57,139 shares of the company’s stock worth $665,000 after acquiring an additional 7,452 shares in the last quarter. Finally, IMC Chicago LLC purchased a new position in ProShares Ultra Bitcoin ETF during the 1st quarter valued at about $311,000.

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.