ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Hits New 12-Month Low – Here’s What Happened

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) shares hit a new 52-week low on Wednesday . The company traded as low as $22.05 and last traded at $21.8330, with a volume of 976026 shares. The stock had previously closed at $27.96.

ProShares Ultra Bitcoin ETF Stock Performance

The business’s 50 day simple moving average is $36.64 and its two-hundred day simple moving average is $48.63.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. CWM LLC lifted its stake in shares of ProShares Ultra Bitcoin ETF by 1,300.0% during the 3rd quarter. CWM LLC now owns 756 shares of the company’s stock valued at $40,000 after buying an additional 702 shares in the last quarter. Winnow Wealth LLC bought a new stake in ProShares Ultra Bitcoin ETF in the third quarter worth $62,000. Advisory Services Network LLC purchased a new position in shares of ProShares Ultra Bitcoin ETF during the third quarter valued at approximately $111,000. Wealth Preservation Advisors LLC purchased a new position in ProShares Ultra Bitcoin ETF during the 1st quarter valued at $120,000. Finally, Whitaker Myers Wealth Managers LTD. bought a new position in shares of ProShares Ultra Bitcoin ETF in the second quarter worth about $218,000.

About ProShares Ultra Bitcoin ETF

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.