ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Shares Down 7.1% – Time to Sell?

by · The Cerbat Gem

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU – Get Free Report) fell 7.1% during trading on Monday . The company traded as low as $27.51 and last traded at $27.8270. 2,129,829 shares changed hands during mid-day trading, a decline of 23% from the average session volume of 2,749,019 shares. The stock had previously closed at $29.94.

ProShares Ultra Bitcoin ETF Price Performance

The stock has a 50 day moving average of $40.83 and a 200 day moving average of $49.73.

Institutional Investors Weigh In On ProShares Ultra Bitcoin ETF

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. CWM LLC increased its stake in shares of ProShares Ultra Bitcoin ETF by 1,300.0% in the 3rd quarter. CWM LLC now owns 756 shares of the company’s stock valued at $40,000 after purchasing an additional 702 shares during the last quarter. Winnow Wealth LLC bought a new position in ProShares Ultra Bitcoin ETF in the third quarter valued at about $62,000. Advisory Services Network LLC acquired a new position in ProShares Ultra Bitcoin ETF during the third quarter worth about $111,000. Wealth Preservation Advisors LLC bought a new position in shares of ProShares Ultra Bitcoin ETF in the first quarter worth about $120,000. Finally, Whitaker Myers Wealth Managers LTD. acquired a new stake in shares of ProShares Ultra Bitcoin ETF in the 2nd quarter valued at approximately $218,000.

About ProShares Ultra Bitcoin ETF

(Get Free Report)

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.

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