2x Bitcoin Strategy ETF (NYSEARCA:BITX) Shares Gap Up – Still a Buy?

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $35.48, but opened at $36.52. 2x Bitcoin Strategy ETF shares last traded at $35.71, with a volume of 957,320 shares traded.

2x Bitcoin Strategy ETF Price Performance

The company has a 50-day moving average price of $47.68 and a two-hundred day moving average price of $46.30.

Institutional Investors Weigh In On 2x Bitcoin Strategy ETF

A number of institutional investors and hedge funds have recently modified their holdings of BITX. Kingswood Wealth Advisors LLC grew its stake in 2x Bitcoin Strategy ETF by 29.9% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 288,112 shares of the company’s stock worth $14,910,000 after buying an additional 66,398 shares in the last quarter. JBF Capital Inc. bought a new position in 2x Bitcoin Strategy ETF in the fourth quarter valued at $3,881,000. Jump Financial LLC raised its position in 2x Bitcoin Strategy ETF by 8.0% during the fourth quarter. Jump Financial LLC now owns 38,852 shares of the company’s stock valued at $2,011,000 after purchasing an additional 2,862 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in 2x Bitcoin Strategy ETF during the fourth quarter worth about $171,000.

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.