ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Shares Break Below Two Hundred Day Moving Average – Here’s What Happened

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) shares passed below its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $13.20 and traded as low as $12.32. ProShares Ultra Bitcoin ETF shares last traded at $12.51, with a volume of 3,321,730 shares changing hands.

ProShares Ultra Bitcoin ETF Stock Down 10.4%

The stock has a 50 day simple moving average of $14.36 and a 200 day simple moving average of $13.20.

Hedge Funds Weigh In On ProShares Ultra Bitcoin ETF

A number of institutional investors have recently bought and sold shares of BITU. Turner Financial Group Inc. bought a new position in shares of ProShares Ultra Bitcoin ETF during the 2nd quarter worth approximately $633,000. Financial Management Professionals Inc. acquired a new position in shares of ProShares Ultra Bitcoin ETF in the 3rd quarter worth approximately $982,000. EverSource Wealth Advisors LLC raised its stake in 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 valued at $665,000 after purchasing an additional 7,452 shares in the last quarter. Strive Financial Group LLC purchased a new stake in ProShares Ultra Bitcoin ETF in the second quarter worth about $366,000. Finally, IMC Chicago LLC purchased a new stake in shares of ProShares Ultra Bitcoin ETF during the first quarter valued at about $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.