ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Shares Down 10.5% – Time to Sell?

Shares of ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) dropped 10.5% on Thursday . The company traded as low as $19.91 and last traded at $20.0040. Approximately 5,472,954 shares traded hands during trading, an increase of 12% from the average daily volume of 4,900,364 shares. The stock had previously closed at $22.34.

ProShares Ultra Bitcoin ETF Price Performance

The company’s 50-day moving average price is $26.32 and its two-hundred day moving average price is $43.45.

Institutional Investors Weigh In On ProShares Ultra Bitcoin ETF

Institutional investors and hedge funds have recently made changes to their positions in the company. Q Fund Management Hong Kong Ltd bought a new stake in ProShares Ultra Bitcoin ETF during the second quarter valued at $15,380,000. NewEdge Advisors LLC grew its position in shares of ProShares Ultra Bitcoin ETF by 52.7% during the 3rd quarter. NewEdge Advisors LLC now owns 66,510 shares of the company’s stock valued at $3,551,000 after buying an additional 22,964 shares during the last quarter. Financial Management Professionals Inc. raised its stake in ProShares Ultra Bitcoin ETF by 1.9% during the fourth quarter. Financial Management Professionals Inc. now owns 64,619 shares of the company’s stock worth $1,427,000 after acquiring an additional 1,176 shares during the period. Bleakley Financial Group LLC lifted its holdings in ProShares Ultra Bitcoin ETF by 11.9% in the third quarter. Bleakley Financial Group LLC now owns 33,836 shares of the company’s stock worth $1,807,000 after acquiring an additional 3,591 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in ProShares Ultra Bitcoin ETF by 29.5% in the second quarter. EverSource Wealth Advisors LLC now owns 25,007 shares of the company’s stock valued at $1,294,000 after acquiring an additional 5,692 shares during the period.

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.