ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Shares Gap Down – Should You Sell?

Shares of ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) gapped down before the market opened on Monday . The stock had previously closed at $31.20, but opened at $27.73. ProShares Ultra Bitcoin ETF shares last traded at $27.4870, with a volume of 1,434,700 shares.

ProShares Ultra Bitcoin ETF Trading Down 14.0%

The stock has a fifty day moving average of $45.43 and a 200-day moving average of $51.35.

Institutional Trading of ProShares Ultra Bitcoin ETF

Institutional investors and hedge funds have recently bought and sold shares of the business. Q Fund Management Hong Kong Ltd bought a new position in shares of ProShares Ultra Bitcoin ETF during the 2nd quarter worth approximately $15,380,000. NewEdge Advisors LLC lifted its holdings in ProShares Ultra Bitcoin ETF by 52.7% during the 3rd quarter. NewEdge Advisors LLC now owns 66,510 shares of the company’s stock valued at $3,551,000 after purchasing an additional 22,964 shares during the last quarter. Client First Investment Management LLC acquired a new stake in ProShares Ultra Bitcoin ETF during the 2nd quarter valued at $818,000. Simplex Trading LLC bought a new position in ProShares Ultra Bitcoin ETF during the second quarter worth $797,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of ProShares Ultra Bitcoin ETF by 184.0% in the first quarter. EverSource Wealth Advisors LLC now owns 19,315 shares of the company’s stock valued at $643,000 after purchasing an additional 12,514 shares during 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.