ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Shares Down 10.5% – Here’s Why

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

ProShares Ultra Bitcoin ETF Stock Performance

The stock has a 50 day moving average of $26.32 and a 200 day moving average of $43.45.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Simplex Trading LLC acquired a new stake in ProShares Ultra Bitcoin ETF in the 2nd quarter valued at approximately $797,000. Mutual Advisors LLC grew its stake in shares of ProShares Ultra Bitcoin ETF by 9.0% in the second quarter. Mutual Advisors LLC now owns 17,592 shares of the company’s stock worth $910,000 after purchasing an additional 1,459 shares in the last quarter. Bleakley Financial Group LLC raised its stake in shares of ProShares Ultra Bitcoin ETF by 13.0% during the second quarter. Bleakley Financial Group LLC now owns 30,245 shares of the company’s stock valued at $1,565,000 after purchasing an additional 3,478 shares in the last quarter. Spire Wealth Management raised its stake in shares of ProShares Ultra Bitcoin ETF by 333.5% during the second quarter. Spire Wealth Management now owns 4,335 shares of the company’s stock valued at $224,000 after purchasing an additional 3,335 shares in the last quarter. Finally, Q Fund Management Hong Kong Ltd acquired a new stake in ProShares Ultra Bitcoin ETF in the second quarter worth about $15,380,000.

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.