ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Trading Down 7.1% – Should You Sell?

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) were down 7.1% during trading on Monday . The stock traded as low as $27.51 and last traded at $27.8270. Approximately 2,129,829 shares were traded during trading, a decline of 23% from the average daily volume of 2,749,019 shares. The stock had previously closed at $29.94.

ProShares Ultra Bitcoin ETF Stock Performance

The stock’s 50-day moving average is $39.47 and its 200 day moving average is $49.40.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Q Fund Management Hong Kong Ltd purchased a new stake in ProShares Ultra Bitcoin ETF in the second quarter valued at about $15,380,000. NewEdge Advisors LLC increased its holdings in shares of ProShares Ultra Bitcoin ETF by 52.7% during the third quarter. NewEdge Advisors LLC now owns 66,510 shares of the company’s stock valued at $3,551,000 after acquiring an additional 22,964 shares in the last quarter. Client First Investment Management LLC acquired a new position in shares of ProShares Ultra Bitcoin ETF during the second quarter valued at about $818,000. Simplex Trading LLC purchased a new position in shares of ProShares Ultra Bitcoin ETF in the 2nd quarter valued at approximately $797,000. Finally, Flow Traders U.S. LLC acquired a new stake in ProShares Ultra Bitcoin ETF in the 2nd quarter worth approximately $625,000.

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.