ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Sees Unusually-High Trading Volume – Still a Buy?

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) shares saw unusually-high trading volume on Monday . 3,484,538 shares changed hands during mid-day trading, a decline of 31% from the previous session’s volume of 5,027,230 shares.The stock last traded at $15.8550 and had previously closed at $14.47.

ProShares Ultra Bitcoin ETF Price Performance

The company has a fifty day simple moving average of $11.30 and a 200-day simple moving average of $11.96.

Institutional Investors Weigh In On ProShares Ultra Bitcoin ETF

Hedge funds have recently modified their holdings of the stock. Turner Financial Group Inc. acquired a new stake in shares of ProShares Ultra Bitcoin ETF during the second quarter valued at approximately $633,000. Strive Financial Group LLC acquired a new position in ProShares Ultra Bitcoin ETF in the 2nd quarter worth approximately $366,000. IMC Chicago LLC acquired a new position in ProShares Ultra Bitcoin ETF in the 1st quarter worth approximately $311,000. EverSource Wealth Advisors LLC grew its position in ProShares Ultra Bitcoin ETF by 98.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 49,687 shares of the company’s stock worth $1,098,000 after purchasing an additional 24,680 shares in the last quarter. Finally, Apollon Wealth Management LLC acquired a new stake in ProShares Ultra Bitcoin ETF during the 1st quarter valued at $195,000.

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.