ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Stock Price Down 7% – Time to Sell?

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) shares traded down 7% during trading on Friday . The company traded as low as $34.49 and last traded at $34.3890. 4,114,073 shares traded hands during mid-day trading, an increase of 59% from the average session volume of 2,579,406 shares. The stock had previously closed at $36.97.

ProShares Ultra Bitcoin ETF Trading Down 7.7%

The company has a fifty day moving average of $50.60 and a two-hundred day moving average of $52.39.

Institutional Trading of ProShares Ultra Bitcoin ETF

Hedge funds and other institutional investors have recently made changes to their positions in the company. CWM LLC raised its holdings in ProShares Ultra Bitcoin ETF by 1,300.0% in the 3rd quarter. CWM LLC now owns 756 shares of the company’s stock valued at $40,000 after buying an additional 702 shares during the last quarter. Winnow Wealth LLC acquired a new position in ProShares Ultra Bitcoin ETF in the 3rd quarter valued at approximately $62,000. Wealth Preservation Advisors LLC bought a new position in shares of ProShares Ultra Bitcoin ETF during the first quarter valued at $120,000. Whitaker Myers Wealth Managers LTD. acquired a new position in shares of ProShares Ultra Bitcoin ETF during the second quarter worth $218,000. Finally, Spire Wealth Management lifted its holdings in shares of ProShares Ultra Bitcoin ETF by 333.5% during the second quarter. Spire Wealth Management now owns 4,335 shares of the company’s stock worth $224,000 after purchasing an additional 3,335 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.