ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Stock Price Up 8.3% – Still a Buy?

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) shares rose 8.3% on Friday . The stock traded as high as $28.54 and last traded at $28.3550. Approximately 1,022,554 shares changed hands during trading, a decline of 63% from the average daily volume of 2,786,328 shares. The stock had previously closed at $26.19.

ProShares Ultra Bitcoin ETF Price Performance

The stock’s 50 day simple moving average is $37.61 and its 200-day simple moving average is $48.92.

Institutional Investors Weigh In On ProShares Ultra Bitcoin ETF

A number of large investors have recently bought and sold shares of BITU. Wealth Preservation Advisors LLC acquired a new position in shares of ProShares Ultra Bitcoin ETF during the 1st quarter valued at about $120,000. Simplex Trading LLC acquired a new stake in ProShares Ultra Bitcoin ETF in the 2nd quarter worth approximately $797,000. Toth Financial Advisory Corp boosted its position in ProShares Ultra Bitcoin ETF by 1,333.9% during the second quarter. Toth Financial Advisory Corp now owns 10,080 shares of the company’s stock worth $522,000 after purchasing an additional 9,377 shares during the period. Mutual Advisors LLC grew its holdings in ProShares Ultra Bitcoin ETF by 9.0% during the second quarter. Mutual Advisors LLC now owns 17,592 shares of the company’s stock valued at $910,000 after purchasing an additional 1,459 shares during the last quarter. Finally, Financial Management Professionals Inc. grew its holdings in ProShares Ultra Bitcoin ETF by 2.4% during the second quarter. Financial Management Professionals Inc. now owns 63,881 shares of the company’s stock valued at $3,306,000 after purchasing an additional 1,473 shares during the last quarter.

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.