ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Trading Up 10.6% – Should You Buy?

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU)’s stock price rose 10.6% during trading on Tuesday . The stock traded as high as $29.59 and last traded at $30.1220. Approximately 1,128,029 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 2,703,224 shares. The stock had previously closed at $27.24.

ProShares Ultra Bitcoin ETF Stock Down 0.9%

The business has a fifty day moving average of $44.12 and a 200 day moving average of $50.92.

Institutional Trading of ProShares Ultra Bitcoin ETF

A number of hedge funds have recently made changes to their positions in BITU. CWM LLC raised its holdings in ProShares Ultra Bitcoin ETF by 1,300.0% in the third quarter. CWM LLC now owns 756 shares of the company’s stock valued at $40,000 after acquiring an additional 702 shares in the last quarter. Winnow Wealth LLC bought a new stake in shares of ProShares Ultra Bitcoin ETF in the 3rd quarter worth about $62,000. Advisory Services Network LLC bought a new stake in shares of ProShares Ultra Bitcoin ETF in the 3rd quarter worth about $111,000. Wealth Preservation Advisors LLC acquired a new stake in shares of ProShares Ultra Bitcoin ETF in the 1st quarter valued at about $120,000. Finally, Whitaker Myers Wealth Managers LTD. bought a new position in shares of ProShares Ultra Bitcoin ETF during the second quarter worth about $218,000.

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.