ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Shares Gap Up – Still a Buy?

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $22.01, but opened at $22.87. ProShares Ultra Bitcoin ETF shares last traded at $21.8390, with a volume of 1,273,158 shares traded.

ProShares Ultra Bitcoin ETF Price Performance

The company has a 50 day simple moving average of $35.13 and a 200-day simple moving average of $48.00.

Institutional Investors Weigh In On ProShares Ultra Bitcoin ETF

Several institutional investors have recently added to or reduced their stakes in the business. Q Fund Management Hong Kong Ltd bought a new stake in shares of ProShares Ultra Bitcoin ETF in the second quarter valued at approximately $15,380,000. NewEdge Advisors LLC grew its stake in ProShares Ultra Bitcoin ETF by 52.7% in the 3rd quarter. NewEdge Advisors LLC now owns 66,510 shares of the company’s stock valued at $3,551,000 after buying an additional 22,964 shares in the last quarter. Financial Management Professionals Inc. raised its holdings in ProShares Ultra Bitcoin ETF by 2.4% during the 2nd quarter. Financial Management Professionals Inc. now owns 63,881 shares of the company’s stock valued at $3,306,000 after acquiring an additional 1,473 shares during the period. Bleakley Financial Group LLC lifted its position in shares of ProShares Ultra Bitcoin ETF by 11.9% during the third quarter. Bleakley Financial Group LLC now owns 33,836 shares of the company’s stock worth $1,807,000 after acquiring an additional 3,591 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of ProShares Ultra Bitcoin ETF by 29.5% during the second quarter. EverSource Wealth Advisors LLC now owns 25,007 shares of the company’s stock worth $1,294,000 after acquiring an additional 5,692 shares in 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.