ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Trading 3.8% Higher – Here’s Why

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) shares shot up 3.8% on Wednesday . The company traded as high as $8.57 and last traded at $8.43. Approximately 5,287,916 shares changed hands during mid-day trading, an increase of 2% from the average daily volume of 5,202,446 shares. The stock had previously closed at $8.12.

ProShares Ultra Bitcoin ETF Trading Up 3.8%

The firm’s fifty day moving average is $12.40 and its 200 day moving average is $15.53.

Hedge Funds Weigh In On ProShares Ultra Bitcoin ETF

Several institutional investors and hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC increased its stake in shares of ProShares Ultra Bitcoin ETF by 15.0% in the first quarter. EverSource Wealth Advisors LLC now owns 57,139 shares of the company’s stock worth $665,000 after acquiring an additional 7,452 shares during the last quarter. IMC Chicago LLC purchased a new position in ProShares Ultra Bitcoin ETF in the first quarter valued at about $311,000. Apollon Wealth Management LLC acquired a new position in ProShares Ultra Bitcoin ETF in the 1st quarter worth about $195,000. EFG International AG acquired a new position in ProShares Ultra Bitcoin ETF in the 4th quarter worth about $53,000. Finally, Heritage Wealth Advisors purchased a new stake in shares of ProShares Ultra Bitcoin ETF during the 4th quarter worth about $243,000.

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.