ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Shares Gap Down – Here’s What Happened

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) shares gapped down before the market opened on Monday . The stock had previously closed at $22.59, but opened at $21.64. ProShares Ultra Bitcoin ETF shares last traded at $21.94, with a volume of 633,265 shares traded.

ProShares Ultra Bitcoin ETF Stock Down 4.4%

The business’s 50 day moving average price is $26.92 and its two-hundred day moving average price is $44.13.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BITU. NewEdge Advisors LLC raised its holdings in shares of ProShares Ultra Bitcoin ETF by 16.0% during the 1st quarter. NewEdge Advisors LLC now owns 38,817 shares of the company’s stock valued at $1,292,000 after purchasing an additional 5,355 shares in the last quarter. Mutual Advisors LLC lifted its position in shares of ProShares Ultra Bitcoin ETF by 9.0% in the second quarter. Mutual Advisors LLC now owns 17,592 shares of the company’s stock worth $910,000 after buying an additional 1,459 shares during the last quarter. Bleakley Financial Group LLC boosted its stake in shares of ProShares Ultra Bitcoin ETF by 13.0% during the 2nd quarter. Bleakley Financial Group LLC now owns 30,245 shares of the company’s stock worth $1,565,000 after acquiring an additional 3,478 shares in the last quarter. Spire Wealth Management increased its holdings in shares of ProShares Ultra Bitcoin ETF by 333.5% during the 2nd quarter. Spire Wealth Management now owns 4,335 shares of the company’s stock valued at $224,000 after acquiring an additional 3,335 shares during the last quarter. Finally, Simplex Trading LLC acquired a new position in shares of ProShares Ultra Bitcoin ETF during the 2nd quarter valued at about $797,000.

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.