ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Trading Down 3.5% – Here’s What Happened

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU)’s share price were down 3.5% during trading on Thursday . The company traded as low as $9.62 and last traded at $9.69. Approximately 3,630,474 shares changed hands during trading, a decline of 29% from the average session volume of 5,091,452 shares. The stock had previously closed at $10.04.

ProShares Ultra Bitcoin ETF Stock Down 2.1%

The company has a fifty day moving average price of $10.39 and a two-hundred day moving average price of $13.75.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of BITU. Group One Trading LLC bought a new stake in shares of ProShares Ultra Bitcoin ETF during the 4th quarter worth approximately $39,000. Winnow Wealth LLC grew its stake in shares of ProShares Ultra Bitcoin ETF by 99.1% in the fourth 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 in the last quarter. EFG International AG bought a new position in shares of ProShares Ultra Bitcoin ETF in the fourth quarter valued at $53,000. Steigerwald Gordon & Koch Inc. acquired a new position in ProShares Ultra Bitcoin ETF during the fourth quarter worth $107,000. Finally, Advisory Services Network LLC acquired a new position in ProShares Ultra Bitcoin ETF during the third quarter worth $111,000.

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.