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

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU)’s share price gapped up before the market opened 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.

ProShares Ultra Bitcoin ETF Price Performance

The business’s fifty day simple moving average is $11.20 and its 200 day simple moving average is $11.94.

Institutional Trading of ProShares Ultra Bitcoin ETF

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Winnow Wealth LLC boosted its holdings 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 valued at $52,000 after purchasing an additional 1,136 shares during the last quarter. USCF Advisers LLC purchased a new stake in ProShares Ultra Bitcoin ETF during the 4th quarter worth approximately $130,000. SkyOak Wealth LLC purchased a new stake in ProShares Ultra Bitcoin ETF during the 2nd quarter worth approximately $95,000. Apollon Wealth Management LLC acquired a new position in shares of ProShares Ultra Bitcoin ETF in the 1st quarter valued at approximately $195,000. Finally, IMC Chicago LLC acquired a new position in shares of ProShares Ultra Bitcoin ETF in the 1st quarter valued at 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.