ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Sees Unusually-High Trading Volume – Still a Buy?

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) saw strong trading volume on Monday . Approximately 3,484,538 shares changed hands during trading, a decline of 31% from the previous session’s volume of 5,027,230 shares.The stock last traded at $15.8550 and had previously closed at $14.47.

ProShares Ultra Bitcoin ETF Stock Down 0.7%

The business’s 50 day moving average is $11.58 and its two-hundred day moving average is $12.00.

Hedge Funds Weigh In On ProShares Ultra Bitcoin ETF

A number of large investors have recently made changes to their positions in BITU. Strive Financial Group LLC bought a new position in ProShares Ultra Bitcoin ETF in the 2nd quarter worth about $366,000. Turner Financial Group Inc. bought a new stake in shares of ProShares Ultra Bitcoin ETF during the second quarter valued at about $633,000. SkyOak Wealth LLC bought a new stake in shares of ProShares Ultra Bitcoin ETF during the second quarter valued at about $95,000. EverSource Wealth Advisors LLC lifted its holdings in shares of ProShares Ultra Bitcoin ETF by 15.0% in the first quarter. EverSource Wealth Advisors LLC now owns 57,139 shares of the company’s stock worth $665,000 after buying an additional 7,452 shares in the last quarter. Finally, IMC Chicago LLC purchased a new stake in shares of ProShares Ultra Bitcoin ETF in the first quarter worth about $311,000.

About ProShares Ultra Bitcoin ETF

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.