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

Shares of ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) gapped down prior to trading on Thursday. The stock had previously closed at $15.37, but opened at $14.35. ProShares Ultra Bitcoin ETF shares last traded at $14.2550, with a volume of 985,963 shares traded.

ProShares Ultra Bitcoin ETF Stock Down 7.1%

The company’s fifty day moving average price is $13.90 and its two-hundred day moving average price is $12.39.

Institutional Investors Weigh In On ProShares Ultra Bitcoin ETF

Institutional investors have recently added to or reduced their stakes in the business. Turner Financial Group Inc. acquired a new position in ProShares Ultra Bitcoin ETF during the 2nd quarter worth approximately $633,000. Strive Financial Group LLC purchased a new position in shares of ProShares Ultra Bitcoin ETF during the 2nd quarter worth approximately $366,000. IMC Chicago LLC acquired a new stake in shares of ProShares Ultra Bitcoin ETF in the 1st quarter valued at approximately $311,000. Apollon Wealth Management LLC acquired a new stake in shares of ProShares Ultra Bitcoin ETF in the 1st quarter valued at approximately $195,000. Finally, SkyOak Wealth LLC acquired a new stake in shares of ProShares Ultra Bitcoin ETF in the 2nd quarter valued at approximately $95,000.

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.