ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Trading Down 3.5% – Here’s Why

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) shares were down 3.5% during mid-day trading on Thursday . The stock traded as low as $9.62 and last traded at $9.69. Approximately 3,630,474 shares traded hands during mid-day trading, a decline of 29% from the average daily volume of 5,091,452 shares. The stock had previously closed at $10.04.

ProShares Ultra Bitcoin ETF Stock Performance

The firm has a 50 day moving average price of $10.51 and a two-hundred day moving average price of $13.78.

Hedge Funds Weigh In On ProShares Ultra Bitcoin ETF

Several large investors have recently modified their holdings of the business. Orion Porfolio Solutions LLC grew its stake in ProShares Ultra Bitcoin ETF by 9.6% in the 3rd quarter. Orion Porfolio Solutions LLC now owns 8,257 shares of the company’s stock valued at $441,000 after buying an additional 723 shares in the last quarter. Winnow Wealth LLC boosted its holdings in shares of 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 acquiring an additional 1,136 shares during the period. Financial Management Professionals Inc. grew its position in shares of ProShares Ultra Bitcoin ETF by 1.9% in the fourth quarter. Financial Management Professionals Inc. now owns 64,619 shares of the company’s stock valued at $1,427,000 after purchasing an additional 1,176 shares in the last quarter. Group One Trading LLC purchased a new position in shares of ProShares Ultra Bitcoin ETF in the fourth quarter valued at $39,000. Finally, Advisory Services Network LLC bought a new stake in shares of ProShares Ultra Bitcoin ETF during the 3rd quarter valued at $111,000.

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.