2x Bitcoin Strategy ETF (NYSEARCA:BITX) Stock Price Down 4.7% – Here’s Why

Shares of 2x Bitcoin Strategy ETF (NYSEARCA:BITX) dropped 4.7% during mid-day trading on Friday . The stock traded as low as $30.66 and last traded at $30.96. Approximately 1,885,907 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 8,537,266 shares. The stock had previously closed at $32.47.

2x Bitcoin Strategy ETF Price Performance

The business has a 50-day moving average of $44.77 and a 200 day moving average of $52.82.

Institutional Trading of 2x Bitcoin Strategy ETF

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Silverleafe Capital Partners LLC grew its stake in shares of 2x Bitcoin Strategy ETF by 13.3% during the third quarter. Silverleafe Capital Partners LLC now owns 11,373 shares of the company’s stock valued at $626,000 after buying an additional 1,331 shares during the last quarter. Highline Wealth Partners LLC purchased a new position in 2x Bitcoin Strategy ETF during the 3rd quarter valued at $28,000. Jump Financial LLC grew its position in 2x Bitcoin Strategy ETF by 89.1% in the 2nd quarter. Jump Financial LLC now owns 77,167 shares of the company’s stock valued at $4,169,000 after acquiring an additional 36,362 shares during the last quarter. Flow Traders U.S. LLC increased its stake in 2x Bitcoin Strategy ETF by 14.5% in the second quarter. Flow Traders U.S. LLC now owns 37,381 shares of the company’s stock worth $2,019,000 after purchasing an additional 4,735 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in 2x Bitcoin Strategy ETF by 35.1% in the second quarter. EverSource Wealth Advisors LLC now owns 17,415 shares of the company’s stock worth $941,000 after purchasing an additional 4,521 shares during the period.

2x Bitcoin Strategy ETF Company Profile

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.