ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Trading 10.6% Higher – Time to Buy?

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU)’s stock price traded up 10.6% on Tuesday . The stock traded as high as $29.59 and last traded at $30.1220. 1,128,029 shares were traded during mid-day trading, a decline of 58% from the average session volume of 2,703,224 shares. The stock had previously closed at $27.24.

ProShares Ultra Bitcoin ETF Trading Up 15.0%

The stock’s 50-day simple moving average is $44.94 and its 200-day simple moving average is $51.20.

Hedge Funds Weigh In On ProShares Ultra Bitcoin ETF

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