ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Shares Gap Up – Still a Buy?

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $12.90, but opened at $13.41. ProShares Ultra Bitcoin ETF shares last traded at $14.15, with a volume of 1,563,938 shares traded.

ProShares Ultra Bitcoin ETF Trading Up 11.0%

The stock’s 50 day simple moving average is $11.20 and its 200 day simple moving average is $11.94.

Institutional Investors Weigh In On ProShares Ultra Bitcoin ETF

A number of institutional investors have recently modified their holdings of BITU. Winnow Wealth LLC grew its stake in ProShares Ultra Bitcoin ETF by 99.1% in the fourth quarter. Winnow Wealth LLC now owns 2,282 shares of the company’s stock worth $52,000 after purchasing an additional 1,136 shares in the last quarter. SkyOak Wealth LLC acquired a new stake in ProShares Ultra Bitcoin ETF during the second quarter valued at approximately $95,000. USCF Advisers LLC acquired a new stake in ProShares Ultra Bitcoin ETF during the fourth quarter valued at approximately $130,000. Apollon Wealth Management LLC bought a new position in ProShares Ultra Bitcoin ETF during the 1st quarter worth approximately $195,000. Finally, IMC Chicago LLC bought a new position in ProShares Ultra Bitcoin ETF during the 1st quarter worth approximately $311,000.

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.