2x Bitcoin Strategy ETF (NYSEARCA:BITX) Shares Down 7.9%

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s stock price was down 7.9% during mid-day trading on Wednesday . The company traded as low as $26.32 and last traded at $26.81. Approximately 2,560,003 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 4,967,952 shares. The stock had previously closed at $29.12.

2x Bitcoin Strategy ETF Stock Down 12.0 %

The firm has a fifty day simple moving average of $31.88 and a 200 day simple moving average of $39.43.

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

Hedge funds have recently made changes to their positions in the stock. Hollencrest Capital Management acquired a new position in shares of 2x Bitcoin Strategy ETF in the 2nd quarter valued at about $40,000. VitalStone Financial LLC grew its stake in 2x Bitcoin Strategy ETF by 142.3% during the first quarter. VitalStone Financial LLC now owns 1,575 shares of the company’s stock worth $84,000 after buying an additional 925 shares during the period. Selway Asset Management acquired a new stake in shares of 2x Bitcoin Strategy ETF in the first quarter worth $399,000. Finally, Kingswood Wealth Advisors LLC increased its position in shares of 2x Bitcoin Strategy ETF by 22.9% in the second quarter. Kingswood Wealth Advisors LLC now owns 166,175 shares of the company’s stock worth $5,264,000 after acquiring an additional 30,991 shares in the last quarter.

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.