ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Trading 1.8% Higher – Here’s Why

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) shares traded up 1.8% during mid-day trading on Wednesday . The stock traded as high as $13.11 and last traded at $12.86. 3,729,830 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 6,112,062 shares. The stock had previously closed at $12.63.

ProShares Ultra Bitcoin ETF Trading Up 2.0%

The stock’s 50 day simple moving average is $17.02 and its 200 day simple moving average is $33.36.

ProShares Ultra Bitcoin ETF Cuts Dividend

The business also recently declared a monthly dividend, which was paid on Friday, March 6th. Stockholders of record on Monday, March 2nd were given a dividend of $0.0234 per share. The ex-dividend date of this dividend was Monday, March 2nd. This represents a c) annualized dividend and a dividend yield of 2.2%.

Hedge Funds Weigh In On ProShares Ultra Bitcoin ETF

A number of hedge funds have recently bought and sold shares of the company. NewEdge Advisors LLC increased its holdings in ProShares Ultra Bitcoin ETF by 16.0% in the first quarter. NewEdge Advisors LLC now owns 38,817 shares of the company’s stock valued at $1,292,000 after buying an additional 5,355 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of ProShares Ultra Bitcoin ETF by 29.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 25,007 shares of the company’s stock worth $1,294,000 after acquiring an additional 5,692 shares in the last quarter. Flow Traders U.S. LLC acquired a new position in shares of ProShares Ultra Bitcoin ETF in the 2nd quarter worth approximately $625,000. Q Fund Management Hong Kong Ltd bought a new stake in shares of ProShares Ultra Bitcoin ETF in the 2nd quarter valued at approximately $15,380,000. Finally, Orion Porfolio Solutions LLC bought a new stake in shares of ProShares Ultra Bitcoin ETF in the 2nd quarter valued at approximately $390,000.

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.