2x Bitcoin Strategy ETF (NYSEARCA:BITX) Shares Down 5.3%

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s stock price fell 5.3% during mid-day trading on Wednesday . The company traded as low as $42.43 and last traded at $42.58. 2,068,312 shares changed hands during trading, a decline of 43% from the average session volume of 3,618,197 shares. The stock had previously closed at $44.94.

2x Bitcoin Strategy ETF Stock Performance

The stock has a 50 day moving average price of $45.41 and a two-hundred day moving average price of $29.38.

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

Hedge funds have recently bought and sold shares of the business. Kingswood Wealth Advisors LLC raised its holdings in 2x Bitcoin Strategy ETF by 554.3% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 135,184 shares of the company’s stock valued at $7,199,000 after acquiring an additional 114,524 shares in the last quarter. Graypoint LLC acquired a new position in shares of 2x Bitcoin Strategy ETF in the 4th quarter valued at approximately $572,000. Finally, Selway Asset Management acquired a new position in shares of 2x Bitcoin Strategy ETF in the 1st quarter valued at approximately $399,000.

About 2x Bitcoin Strategy ETF

The 2x Bitcoin Strategy ETF (BITX) is an exchange-traded fund that is based on the S&P CME Bitcoin Futures Daily Roll index. The fund aims to provide 2x the daily price movements of an index based on rolling front-month CME bitcoin futures. BITX was launched on Jun 27, 2023 and is managed by Volatility Shares.