Bitwise Ethereum ETF (NYSEARCA:ETHW) Stock Jumps 5.7% – Still a Buy?

Bitwise Ethereum ETF (NYSEARCA:ETHW)’s stock price traded up 5.7% on Wednesday. The company traded as high as $17.49 and last traded at $17.30. Approximately 693,090 shares changed hands during trading, a decline of 35% from the average session volume of 1,061,524 shares. The stock had previously closed at $16.37.

Bitwise Ethereum ETF Stock Performance

The company’s 50-day simple moving average is $17.79 and its 200-day simple moving average is $15.56.

Institutional Investors Weigh In On Bitwise Ethereum ETF

Several hedge funds have recently made changes to their positions in ETHW. Beam Wealth Advisors Inc. increased its stake in Bitwise Ethereum ETF by 10.9% in the 1st quarter. Beam Wealth Advisors Inc. now owns 216,676 shares of the company’s stock valued at $3,250,000 after buying an additional 21,259 shares during the period. Soltis Investment Advisors LLC raised its position in Bitwise Ethereum ETF by 24.6% during the 3rd quarter. Soltis Investment Advisors LLC now owns 89,148 shares of the company’s stock worth $1,699,000 after buying an additional 17,622 shares during the last quarter. Lido Advisors LLC purchased a new position in Bitwise Ethereum ETF during the 1st quarter worth $1,070,000. RFG Advisory LLC lifted its stake in shares of Bitwise Ethereum ETF by 58.3% in the 2nd quarter. RFG Advisory LLC now owns 58,436 shares of the company’s stock worth $659,000 after acquiring an additional 21,527 shares during the period. Finally, Keel Point LLC lifted its stake in shares of Bitwise Ethereum ETF by 82.7% in the 1st quarter. Keel Point LLC now owns 37,659 shares of the company’s stock worth $565,000 after acquiring an additional 17,041 shares during the period.

Bitwise Ethereum ETF Company Profile

The Bitwise Ethereum ETF (ETHW) is an exchange-traded fund that mostly invests in long eth, short usd currency. The fund is a passively managed fund that seeks to track the price performance of spot Ether (ETH). It will hold Ether directly, secured through a multi-layer cold storage wallet. ETHW was launched on Jul 22, 2024 and is issued by Bitwise.