ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Shares Down 3.4% – Here’s Why

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) fell 3.4% during mid-day trading on Thursday . The company traded as low as $10.88 and last traded at $11.33. 4,481,131 shares changed hands during trading, a decline of 22% from the average session volume of 5,777,751 shares. The stock had previously closed at $11.73.

ProShares Ultra Bitcoin ETF Stock Down 3.4%

The business’s 50 day moving average price is $13.62 and its 200 day moving average price is $29.51.

ProShares Ultra Bitcoin ETF Cuts Dividend

The business also recently announced a monthly dividend, which was paid on Friday, March 6th. Investors of record on Monday, March 2nd were issued a $0.0234 dividend. The ex-dividend date was Monday, March 2nd. This represents a c) annualized dividend and a yield of 2.5%.

Institutional Investors Weigh In On ProShares Ultra Bitcoin ETF

Hedge funds have recently added to or reduced their stakes in the stock. Q Fund Management Hong Kong Ltd bought a new position in shares of ProShares Ultra Bitcoin ETF during the 2nd quarter valued at $15,380,000. DRW Securities LLC grew its holdings in shares of ProShares Ultra Bitcoin ETF by 1,133.6% in the fourth quarter. DRW Securities LLC now owns 261,525 shares of the company’s stock worth $5,777,000 after acquiring an additional 240,324 shares during the period. Renaissance Technologies LLC increased its position in ProShares Ultra Bitcoin ETF by 1,627.7% during the fourth quarter. Renaissance Technologies LLC now owns 143,400 shares of the company’s stock valued at $3,168,000 after acquiring an additional 135,100 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in ProShares Ultra Bitcoin ETF by 98.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 49,687 shares of the company’s stock valued at $1,098,000 after acquiring an additional 24,680 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its holdings in ProShares Ultra Bitcoin ETF by 52.7% in the third quarter. NewEdge Advisors LLC now owns 66,510 shares of the company’s stock valued at $3,551,000 after acquiring an additional 22,964 shares during the period.

About ProShares Ultra Bitcoin ETF

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.