ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Shares Gap Up – Time to Buy?

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) shares gapped up prior to trading on Wednesday. The stock had previously closed at $15.20, but opened at $15.79. ProShares Ultra Bitcoin ETF shares last traded at $15.4590, with a volume of 1,922,610 shares trading hands.

ProShares Ultra Bitcoin ETF Trading Up 0.3%

The business’s 50 day moving average is $12.14 and its 200 day moving average is $12.10.

Institutional Trading of ProShares Ultra Bitcoin ETF

Institutional investors have recently added to or reduced their stakes in the company. Turner Financial Group Inc. bought a new stake in shares of ProShares Ultra Bitcoin ETF during the second quarter worth $633,000. Strive Financial Group LLC purchased a new position in ProShares Ultra Bitcoin ETF in the 2nd quarter worth about $366,000. SkyOak Wealth LLC purchased a new position in ProShares Ultra Bitcoin ETF in the 2nd quarter worth about $95,000. EverSource Wealth Advisors LLC lifted its holdings in ProShares Ultra Bitcoin ETF by 15.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 57,139 shares of the company’s stock valued at $665,000 after buying an additional 7,452 shares in the last quarter. Finally, IMC Chicago LLC bought a new stake in ProShares Ultra Bitcoin ETF during the 1st quarter valued at about $311,000.

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.