ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Shares Gap Up – Here’s Why

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) shares gapped up before the market opened on Friday . The stock had previously closed at $11.91, but opened at $13.34. ProShares Ultra Bitcoin ETF shares last traded at $13.49, with a volume of 4,635,631 shares.

ProShares Ultra Bitcoin ETF Price Performance

The stock’s fifty day simple moving average is $9.43 and its 200-day simple moving average is $11.80.

Institutional Investors Weigh In On ProShares Ultra Bitcoin ETF

A number of institutional investors and hedge funds have recently modified their holdings of BITU. DRW Securities LLC increased its holdings in ProShares Ultra Bitcoin ETF by 1,133.6% in the 4th quarter. DRW Securities LLC now owns 261,525 shares of the company’s stock valued at $5,777,000 after purchasing an additional 240,324 shares in the last quarter. Renaissance Technologies LLC lifted its stake in shares of 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 worth $3,168,000 after purchasing an additional 135,100 shares in the last quarter. IMC Chicago LLC acquired a new position in shares of ProShares Ultra Bitcoin ETF during the first quarter worth about $311,000. EverSource Wealth Advisors LLC boosted its position in shares of ProShares Ultra Bitcoin ETF by 98.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 49,687 shares of the company’s stock worth $1,098,000 after buying an additional 24,680 shares during the period. Finally, NewEdge Advisors LLC boosted its position in shares of ProShares Ultra Bitcoin ETF by 52.7% in the third quarter. NewEdge Advisors LLC now owns 66,510 shares of the company’s stock worth $3,551,000 after buying an additional 22,964 shares during the period.

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.