2x Bitcoin Strategy ETF (NYSEARCA:BITX) Shares Gap Up – Should You Buy?

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s share price gapped up before the market opened on Friday . The stock had previously closed at $27.67, but opened at $28.73. 2x Bitcoin Strategy ETF shares last traded at $28.32, with a volume of 1,697,577 shares.

2x Bitcoin Strategy ETF Price Performance

The company’s fifty day moving average is $36.30 and its two-hundred day moving average is $50.05.

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

A number of hedge funds have recently modified their holdings of BITX. Highline Wealth Partners LLC purchased a new stake in 2x Bitcoin Strategy ETF in the 3rd quarter valued at about $28,000. Silverleafe Capital Partners LLC increased its position 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 acquiring an additional 1,331 shares during the last quarter. Parallel Advisors LLC acquired a new stake in shares of 2x Bitcoin Strategy ETF during the second quarter valued at about $78,000. EverSource Wealth Advisors LLC raised its stake in shares of 2x Bitcoin Strategy ETF by 35.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 17,415 shares of the company’s stock valued at $941,000 after acquiring an additional 4,521 shares during the period. Finally, Flow Traders U.S. LLC lifted its holdings in shares of 2x Bitcoin Strategy ETF by 14.5% in the 2nd quarter. Flow Traders U.S. LLC now owns 37,381 shares of the company’s stock worth $2,019,000 after acquiring an additional 4,735 shares during the last quarter.

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.