Bitwise Ethereum ETF (NYSEARCA:ETHW) Shares Up 5.7% – Still a Buy?

Bitwise Ethereum ETF (NYSEARCA:ETHW) was up 5.7% during mid-day trading on Wednesday. The company traded as high as $17.49 and last traded at $17.30. 693,090 shares changed hands during trading, a decline of 35% from the average session volume of 1,061,524 shares. The stock had previously closed at $16.37.

Bitwise Ethereum ETF Trading Up 5.7%

The company’s 50-day moving average is $17.86 and its 200 day moving average is $15.63.

Hedge Funds Weigh In On Bitwise Ethereum ETF

A number of large investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC lifted its holdings in Bitwise Ethereum ETF by 81.2% during the first quarter. EverSource Wealth Advisors LLC now owns 2,164 shares of the company’s stock valued at $32,000 after purchasing an additional 970 shares in the last quarter. Next Level Wealth Planning LLC acquired a new stake in shares of Bitwise Ethereum ETF in the third quarter valued at about $35,000. Center for Financial Planning Inc. purchased a new stake in shares of Bitwise Ethereum ETF during the first quarter worth about $39,000. Farther Finance Advisors LLC increased its stake in shares of Bitwise Ethereum ETF by 31.3% during the third quarter. Farther Finance Advisors LLC now owns 2,472 shares of the company’s stock worth $47,000 after purchasing an additional 589 shares in the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new stake in shares of Bitwise Ethereum ETF during the second quarter worth about $58,000.

Bitwise Ethereum ETF Company Profile

The Bitwise Ethereum ETF (ETHW) is an exchange-traded fund that mostly invests in long eth, short usd currency. The fund is a passively managed fund that seeks to track the price performance of spot Ether (ETH). It will hold Ether directly, secured through a multi-layer cold storage wallet. ETHW was launched on Jul 22, 2024 and is issued by Bitwise.