2x Bitcoin Strategy ETF (NYSEARCA:BITX) Shares Gap Up – Still a Buy?

2x Bitcoin Strategy ETF (NYSEARCA:BITX) gapped up before the market opened on Tuesday . The stock had previously closed at $52.18, but opened at $56.61. 2x Bitcoin Strategy ETF shares last traded at $57.43, with a volume of 3,731,393 shares.

2x Bitcoin Strategy ETF Stock Performance

The firm’s 50 day simple moving average is $49.80 and its 200-day simple moving average is $37.41.

2x Bitcoin Strategy ETF Cuts Dividend

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

Institutional Trading of 2x Bitcoin Strategy ETF

A number of hedge funds have recently made changes to their positions in the stock. Hollencrest Capital Management purchased a new position in 2x Bitcoin Strategy ETF in the second quarter valued at about $40,000. VitalStone Financial LLC increased its holdings in 2x Bitcoin Strategy ETF by 128.3% in the second quarter. VitalStone Financial LLC now owns 3,595 shares of the company’s stock worth $114,000 after buying an additional 2,020 shares during the last quarter. Finally, Graypoint LLC increased its holdings in 2x Bitcoin Strategy ETF by 23.1% in the third quarter. Graypoint LLC now owns 13,537 shares of the company’s stock worth $386,000 after buying an additional 2,536 shares during the last quarter.

2x Bitcoin Strategy ETF Company Profile

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.