2x Bitcoin Strategy ETF (BATS:BITX) Reaches New 1-Year Low – Should You Sell?

2x Bitcoin Strategy ETF (BATS:BITX)’s share price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $10.09 and last traded at $10.11, with a volume of 5485870 shares traded. The stock had previously closed at $10.93.

2x Bitcoin Strategy ETF Stock Performance

The firm’s 50 day moving average is $16.12 and its 200 day moving average is $19.66.

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

Large investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC boosted its position in shares of 2x Bitcoin Strategy ETF by 203.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 52,889 shares of the company’s stock worth $1,467,000 after purchasing an additional 35,432 shares in the last quarter. Kingswood Wealth Advisors LLC increased its position in 2x Bitcoin Strategy ETF by 1.3% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 234,335 shares of the company’s stock valued at $6,500,000 after buying an additional 2,985 shares in the last quarter. Jump Financial LLC acquired a new position in 2x Bitcoin Strategy ETF during the 4th quarter valued at about $594,000. Captrust Financial Advisors raised its stake in 2x Bitcoin Strategy ETF by 128.4% in the fourth quarter. Captrust Financial Advisors now owns 12,212 shares of the company’s stock valued at $339,000 after buying an additional 6,865 shares during the last quarter. Finally, Heritage Wealth Advisors purchased a new stake in 2x Bitcoin Strategy ETF in the fourth quarter valued at about $55,000.

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.