ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Reaches New 52-Week Low – What’s Next?

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) shares hit a new 52-week low on Tuesday . The stock traded as low as $21.33 and last traded at $21.61, with a volume of 4643519 shares traded. The stock had previously closed at $22.59.

ProShares Ultra Bitcoin ETF Trading Down 4.3%

The firm has a fifty day moving average of $26.70 and a 200 day moving average of $43.88.

Institutional Trading of ProShares Ultra Bitcoin ETF

Several institutional investors have recently modified their holdings of the stock. Austin Wealth Management LLC purchased a new stake in shares of ProShares Ultra Bitcoin ETF during the fourth quarter worth about $405,000. Steigerwald Gordon & Koch Inc. purchased a new stake in ProShares Ultra Bitcoin ETF during the 4th quarter worth approximately $107,000. Silverleafe Capital Partners LLC purchased a new stake in ProShares Ultra Bitcoin ETF during the 4th quarter worth approximately $329,000. Advisory Services Network LLC acquired a new position in shares of ProShares Ultra Bitcoin ETF during the third quarter valued at approximately $111,000. Finally, NewEdge Advisors LLC lifted its position in shares of ProShares Ultra Bitcoin ETF by 52.7% in 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.

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.