2x Bitcoin Strategy ETF (NYSEARCA:BITX) Shares Down 4.1% – Should You Sell?

2x Bitcoin Strategy ETF (NYSEARCA:BITX) dropped 4.1% during mid-day trading on Tuesday . The stock traded as low as $55.17 and last traded at $56.31. Approximately 2,541,743 shares traded hands during trading, a decline of 72% from the average daily volume of 8,981,263 shares. The stock had previously closed at $58.70.

2x Bitcoin Strategy ETF Price Performance

The business has a fifty day moving average of $58.88 and a 200-day moving average of $42.26.

2x Bitcoin Strategy ETF Cuts Dividend

The firm also recently declared a dividend, which was paid on Tuesday, December 17th. Stockholders of record on Monday, December 16th were paid a $0.5768 dividend. The ex-dividend date was Monday, December 16th.

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

Several large investors have recently bought and sold shares of the stock. Kingswood Wealth Advisors LLC increased its stake in shares of 2x Bitcoin Strategy ETF by 29.9% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 288,112 shares of the company’s stock valued at $14,910,000 after acquiring an additional 66,398 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new position in 2x Bitcoin Strategy ETF during the 4th quarter valued at $171,000. Finally, Graypoint LLC boosted its stake in 2x Bitcoin Strategy ETF by 23.1% during the third quarter. Graypoint LLC now owns 13,537 shares of the company’s stock valued at $386,000 after buying an additional 2,536 shares in 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.