ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Stock Price Down 7.1% – Time to Sell?

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) traded down 7.1% on Monday . The company traded as low as $27.51 and last traded at $27.8270. 2,129,829 shares traded hands during trading, a decline of 23% from the average session volume of 2,749,019 shares. The stock had previously closed at $29.94.

ProShares Ultra Bitcoin ETF Stock Down 9.0%

The company has a 50 day moving average of $40.83 and a 200-day moving average of $49.73.

Hedge Funds Weigh In On ProShares Ultra Bitcoin ETF

Several institutional investors and hedge funds have recently modified their holdings of BITU. Q Fund Management Hong Kong Ltd acquired a new stake in ProShares Ultra Bitcoin ETF in the 2nd quarter worth about $15,380,000. NewEdge Advisors LLC increased its holdings in shares of ProShares Ultra Bitcoin ETF by 52.7% during the third quarter. NewEdge Advisors LLC now owns 66,510 shares of the company’s stock worth $3,551,000 after purchasing an additional 22,964 shares during the period. Financial Management Professionals Inc. raised its position in shares of ProShares Ultra Bitcoin ETF by 2.4% in the second quarter. Financial Management Professionals Inc. now owns 63,881 shares of the company’s stock valued at $3,306,000 after buying an additional 1,473 shares in the last quarter. Bleakley Financial Group LLC raised its position in shares of ProShares Ultra Bitcoin ETF by 11.9% in the third quarter. Bleakley Financial Group LLC now owns 33,836 shares of the company’s stock valued at $1,807,000 after buying an additional 3,591 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of ProShares Ultra Bitcoin ETF by 29.5% in the second quarter. EverSource Wealth Advisors LLC now owns 25,007 shares of the company’s stock valued at $1,294,000 after buying an additional 5,692 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.