ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Trading Down 9.8% – Time to Sell?

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU)’s stock price fell 9.8% during trading on Tuesday . The company traded as low as $40.58 and last traded at $39.9760. 2,566,726 shares were traded during mid-day trading, an increase of 1% from the average session volume of 2,548,937 shares. The stock had previously closed at $44.32.

ProShares Ultra Bitcoin ETF Stock Down 10.9%

The business’s fifty day moving average is $52.31 and its 200 day moving average is $52.52.

Institutional Investors Weigh In On ProShares Ultra Bitcoin ETF

A number of hedge funds and other institutional investors have recently bought and sold shares of BITU. Q Fund Management Hong Kong Ltd bought a new stake in ProShares Ultra Bitcoin ETF during the 2nd quarter valued at $15,380,000. Mutual Advisors LLC bought a new stake in ProShares Ultra Bitcoin ETF during the 1st quarter valued at $537,000. Client First Investment Management LLC bought a new stake in ProShares Ultra Bitcoin ETF during the 2nd quarter valued at $818,000. Simplex Trading LLC bought a new stake in ProShares Ultra Bitcoin ETF during the 2nd quarter valued at $797,000. Finally, EverSource Wealth Advisors LLC raised its holdings in ProShares Ultra Bitcoin ETF by 184.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 19,315 shares of the company’s stock valued at $643,000 after acquiring an additional 12,514 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.