ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Trading Up 6% – Still a Buy?

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU)’s stock price shot up 6% during mid-day trading on Monday . The company traded as high as $14.13 and last traded at $14.13. Approximately 3,713,114 shares were traded during mid-day trading, a decline of 26% from the average session volume of 5,027,462 shares. The stock had previously closed at $13.33.

ProShares Ultra Bitcoin ETF Trading Up 0.5%

The company’s 50 day simple moving average is $9.64 and its 200-day simple moving average is $11.75.

Institutional Investors Weigh In On ProShares Ultra Bitcoin ETF

Hedge funds have recently made changes to their positions in the business. Group One Trading LLC acquired a new position in ProShares Ultra Bitcoin ETF in the fourth quarter valued at $39,000. Advisory Services Network LLC acquired a new stake in ProShares Ultra Bitcoin ETF in the 3rd quarter worth about $111,000. Winnow Wealth LLC grew its holdings in ProShares Ultra Bitcoin ETF by 99.1% in the 4th quarter. Winnow Wealth LLC now owns 2,282 shares of the company’s stock valued at $52,000 after buying an additional 1,136 shares during the period. EFG International AG purchased a new stake in ProShares Ultra Bitcoin ETF in the 4th quarter valued at about $53,000. Finally, USCF Advisers LLC purchased a new stake in ProShares Ultra Bitcoin ETF in the 4th quarter valued at about $130,000.

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.