2x Bitcoin Strategy ETF (NYSEARCA:BITX) Shares Gap Down – Here’s Why

2x Bitcoin Strategy ETF (NYSEARCA:BITX) shares gapped down prior to trading on Friday . The stock had previously closed at $16.64, but opened at $15.54. 2x Bitcoin Strategy ETF shares last traded at $15.30, with a volume of 4,216,044 shares trading hands.

2x Bitcoin Strategy ETF Stock Down 8.4%

The company’s fifty day simple moving average is $22.91 and its two-hundred day simple moving average is $37.85.

Institutional Investors Weigh In On 2x Bitcoin Strategy ETF

Large investors have recently added to or reduced their stakes in the stock. Jump Financial LLC grew its holdings in shares of 2x Bitcoin Strategy ETF by 89.1% during the 2nd quarter. Jump Financial LLC now owns 77,167 shares of the company’s stock worth $4,169,000 after purchasing an additional 36,362 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of 2x Bitcoin Strategy ETF by 203.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 52,889 shares of the company’s stock worth $1,467,000 after buying an additional 35,432 shares in the last quarter. Captrust Financial Advisors grew its position in 2x Bitcoin Strategy ETF by 128.4% in the fourth quarter. Captrust Financial Advisors now owns 12,212 shares of the company’s stock valued at $339,000 after acquiring an additional 6,865 shares during the last quarter. Flow Traders U.S. LLC raised its stake in 2x Bitcoin Strategy ETF by 14.5% during the second quarter. Flow Traders U.S. LLC now owns 37,381 shares of the company’s stock worth $2,019,000 after acquiring an additional 4,735 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC lifted its holdings in shares of 2x Bitcoin Strategy ETF by 1.3% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 234,335 shares of the company’s stock worth $6,500,000 after acquiring an additional 2,985 shares during the last quarter.

2x Bitcoin Strategy ETF Company Profile

The 2x Bitcoin Strategy ETF (BITX) is an exchange-traded fund that is based on the S&P CME Bitcoin Futures Daily Roll index. The fund aims to provide 2x the daily price movements of an index based on rolling front-month CME bitcoin futures. BITX was launched on Jun 27, 2023 and is managed by Volatility Shares.