2x Ether ETF (NYSEARCA:ETHU) Shares Gap Up – Time to Buy?

2x Ether ETF (NYSEARCA:ETHU)’s share price gapped up before the market opened on Friday . The stock had previously closed at $20.18, but opened at $21.46. 2x Ether ETF shares last traded at $21.85, with a volume of 1,524,892 shares trading hands.

2x Ether ETF Stock Up 13.6%

The company’s 50 day moving average price is $50.89 and its two-hundred day moving average price is $94.63.

Hedge Funds Weigh In On 2x Ether ETF

Several hedge funds have recently added to or reduced their stakes in ETHU. Jump Financial LLC bought a new stake in 2x Ether ETF in the second quarter worth about $5,094,000. Flow Traders U.S. LLC bought a new position in shares of 2x Ether ETF during the second quarter valued at approximately $2,071,000. DRW Securities LLC raised its holdings in shares of 2x Ether ETF by 8,918.1% in the fourth quarter. DRW Securities LLC now owns 403,742 shares of the company’s stock worth $22,085,000 after buying an additional 399,265 shares during the period. FNY Investment Advisers LLC bought a new stake in shares of 2x Ether ETF during the 3rd quarter worth approximately $844,000. Finally, Beaumont Financial Advisors LLC purchased a new position in 2x Ether ETF during the 3rd quarter valued at $376,000.

About 2x Ether ETF

The 2x Ether ETF (ETHU) is an exchange-traded fund that mostly invests in long eth, short usd currency. The fund is actively managed, aiming to provide 2x the daily price movements of Ether (ETH). The funds primary investment is cash-settled CME Ether futures ETHU was launched on Jun 4, 2024 and is issued by Volatility Shares.