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

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $30.21, but opened at $28.89. ProShares Ultra Bitcoin ETF shares last traded at $28.5280, with a volume of 596,089 shares traded.

ProShares Ultra Bitcoin ETF Stock Performance

The firm has a 50 day simple moving average of $46.42 and a 200-day simple moving average of $51.61.

Institutional Investors Weigh In On ProShares Ultra Bitcoin ETF

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Mutual Advisors LLC grew its stake in shares of ProShares Ultra Bitcoin ETF by 4.0% in the third quarter. Mutual Advisors LLC now owns 18,292 shares of the company’s stock valued at $977,000 after buying an additional 700 shares in the last quarter. CWM LLC increased its stake in ProShares Ultra Bitcoin ETF by 1,300.0% during the 3rd quarter. CWM LLC now owns 756 shares of the company’s stock worth $40,000 after buying an additional 702 shares during the period. Orion Porfolio Solutions LLC increased its stake in ProShares Ultra Bitcoin ETF by 9.6% during the 3rd quarter. Orion Porfolio Solutions LLC now owns 8,257 shares of the company’s stock worth $441,000 after buying an additional 723 shares during the period. Winnow Wealth LLC acquired a new stake in ProShares Ultra Bitcoin ETF during the 3rd quarter worth approximately $62,000. Finally, United Capital Management of KS Inc. boosted its position in ProShares Ultra Bitcoin ETF by 19.3% in the 1st quarter. United Capital Management of KS Inc. now owns 8,617 shares of the company’s stock valued at $287,000 after buying an additional 1,396 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.