ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Stock Price Down 5.5% – Here’s What Happened

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU)’s share price traded down 5.5% on Friday . The company traded as low as $29.90 and last traded at $29.9450. 1,790,414 shares were traded during trading, a decline of 34% from the average session volume of 2,716,551 shares. The stock had previously closed at $31.70.

ProShares Ultra Bitcoin ETF Trading Down 7.4%

The company has a fifty day simple moving average of $43.78 and a two-hundred day simple moving average of $50.79.

Hedge Funds Weigh In On ProShares Ultra Bitcoin ETF

Several institutional investors have recently bought and sold shares of BITU. CWM LLC boosted its stake in shares of ProShares Ultra Bitcoin ETF by 1,300.0% during the 3rd quarter. CWM LLC now owns 756 shares of the company’s stock worth $40,000 after acquiring an additional 702 shares in the last quarter. Winnow Wealth LLC purchased a new position in ProShares Ultra Bitcoin ETF during the third quarter worth about $62,000. Advisory Services Network LLC purchased a new stake in ProShares Ultra Bitcoin ETF in the third quarter valued at approximately $111,000. Wealth Preservation Advisors LLC purchased a new stake in ProShares Ultra Bitcoin ETF during the first quarter valued at about $120,000. Finally, Whitaker Myers Wealth Managers LTD. purchased a new stake in shares of ProShares Ultra Bitcoin ETF during the 2nd quarter worth about $218,000.

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.