ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Shares Up 8.9% – Time to Buy?

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) shot up 8.9% on Thursday . The stock traded as high as $14.38 and last traded at $14.4990. 1,948,062 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 5,019,271 shares. The stock had previously closed at $13.31.

ProShares Ultra Bitcoin ETF Price Performance

The stock has a 50-day moving average price of $10.41 and a two-hundred day moving average price of $11.85.

Institutional Trading of ProShares Ultra Bitcoin ETF

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BITU. NewEdge Advisors LLC increased its position in 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 during the period. Orion Porfolio Solutions LLC purchased a new stake in shares of ProShares Ultra Bitcoin ETF in the 2nd quarter worth about $390,000. Advisory Services Network LLC purchased a new stake in shares of ProShares Ultra Bitcoin ETF in the 3rd quarter worth about $111,000. EverSource Wealth Advisors LLC lifted its position in shares of ProShares Ultra Bitcoin ETF by 98.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 49,687 shares of the company’s stock worth $1,098,000 after purchasing an additional 24,680 shares during the period. Finally, Winnow Wealth LLC boosted its stake in shares of ProShares Ultra Bitcoin ETF by 99.1% during the 4th quarter. Winnow Wealth LLC now owns 2,282 shares of the company’s stock valued at $52,000 after purchasing an additional 1,136 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.