ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Shares Down 10.5% – What’s Next?

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU)’s stock price were down 10.5% during mid-day trading on Thursday . The company traded as low as $19.91 and last traded at $20.0040. Approximately 5,472,954 shares were traded during mid-day trading, an increase of 12% from the average daily volume of 4,900,364 shares. The stock had previously closed at $22.34.

ProShares Ultra Bitcoin ETF Trading Down 0.7%

The company has a fifty day moving average of $26.00 and a two-hundred day moving average of $42.98.

Institutional Trading of ProShares Ultra Bitcoin ETF

Several hedge funds and other institutional investors have recently made changes to their positions in BITU. CWM LLC increased its stake in shares of ProShares Ultra Bitcoin ETF by 1,300.0% during the third quarter. CWM LLC now owns 756 shares of the company’s stock worth $40,000 after acquiring an additional 702 shares during the period. Winnow Wealth LLC purchased a new stake in ProShares Ultra Bitcoin ETF in the 3rd quarter valued at approximately $62,000. Steigerwald Gordon & Koch Inc. acquired a new position in ProShares Ultra Bitcoin ETF during the 4th quarter worth approximately $107,000. Advisory Services Network LLC purchased a new position in shares of ProShares Ultra Bitcoin ETF during the 3rd quarter worth approximately $111,000. Finally, Spire Wealth Management raised its stake 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 worth $224,000 after buying an additional 3,335 shares in the last quarter.

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.