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

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) gapped down prior to trading on Wednesday. The stock had previously closed at $15.90, but opened at $15.01. ProShares Ultra Bitcoin ETF shares last traded at $14.9740, with a volume of 1,586,970 shares trading hands.

ProShares Ultra Bitcoin ETF Stock Down 5.3%

The business’s fifty day moving average is $12.73 and its two-hundred day moving average is $12.18.

Hedge Funds Weigh In On ProShares Ultra Bitcoin ETF

Several institutional investors have recently modified their holdings of the business. Winnow Wealth LLC lifted its stake in ProShares Ultra Bitcoin ETF by 99.1% in the fourth quarter. Winnow Wealth LLC now owns 2,282 shares of the company’s stock worth $52,000 after acquiring an additional 1,136 shares during the last quarter. USCF Advisers LLC purchased a new stake in shares of ProShares Ultra Bitcoin ETF in the 4th quarter valued at approximately $130,000. EverSource Wealth Advisors LLC increased its position 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 valued at $665,000 after purchasing an additional 7,452 shares during the last quarter. SkyOak Wealth LLC acquired a new stake in shares of ProShares Ultra Bitcoin ETF in the 2nd quarter valued at $95,000. Finally, Apollon Wealth Management LLC purchased a new stake in shares of ProShares Ultra Bitcoin ETF during the 1st quarter worth $195,000.

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.