ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Shares Gap Up – Time to Buy?

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU)’s share price gapped up before the market opened on Friday . The stock had previously closed at $30.68, but opened at $32.79. ProShares Ultra Bitcoin ETF shares last traded at $32.5460, with a volume of 1,266,921 shares traded.

ProShares Ultra Bitcoin ETF Price Performance

The business has a 50 day moving average price of $45.90 and a 200 day moving average price of $51.46.

Institutional Investors Weigh In On ProShares Ultra Bitcoin ETF

Several hedge funds have recently bought and sold shares of the company. Q Fund Management Hong Kong Ltd bought a new position in shares of ProShares Ultra Bitcoin ETF during the second quarter worth $15,380,000. NewEdge Advisors LLC raised its stake 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 worth $3,551,000 after buying an additional 22,964 shares during the period. Client First Investment Management LLC bought a new position in ProShares Ultra Bitcoin ETF during the second quarter worth about $818,000. Simplex Trading LLC bought a new position in ProShares Ultra Bitcoin ETF during the second quarter worth about $797,000. Finally, EverSource Wealth Advisors LLC grew its stake in 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 acquiring an additional 12,514 shares during the period.

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.