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 $47.55, but opened at $45.21. ProShares Ultra Bitcoin ETF shares last traded at $44.09, with a volume of 661,837 shares.

ProShares Ultra Bitcoin ETF Trading Down 6.2%

The firm has a fifty day simple moving average of $52.46 and a 200-day simple moving average of $52.45.

Institutional Investors Weigh In On ProShares Ultra Bitcoin ETF

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wealth Preservation Advisors LLC purchased a new stake in ProShares Ultra Bitcoin ETF during the 1st quarter worth approximately $120,000. Toth Financial Advisory Corp increased its holdings in shares of ProShares Ultra Bitcoin ETF by 1,333.9% in the 2nd quarter. Toth Financial Advisory Corp now owns 10,080 shares of the company’s stock valued at $522,000 after acquiring an additional 9,377 shares during the last quarter. Mutual Advisors LLC increased its holdings in shares of ProShares Ultra Bitcoin ETF by 9.0% in the 2nd quarter. Mutual Advisors LLC now owns 17,592 shares of the company’s stock valued at $910,000 after acquiring an additional 1,459 shares during the last quarter. Bleakley Financial Group LLC increased its holdings in shares of ProShares Ultra Bitcoin ETF by 13.0% in the 2nd quarter. Bleakley Financial Group LLC now owns 30,245 shares of the company’s stock valued at $1,565,000 after acquiring an additional 3,478 shares during the last quarter. Finally, Financial Management Professionals Inc. increased its holdings in shares of ProShares Ultra Bitcoin ETF by 2.4% in the 2nd quarter. Financial Management Professionals Inc. now owns 63,881 shares of the company’s stock valued at $3,306,000 after acquiring an additional 1,473 shares during the last quarter.

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.