2x Bitcoin Strategy ETF (NYSEARCA:BITX) Shares Gap Down – What’s Next?

Shares of 2x Bitcoin Strategy ETF (NYSEARCA:BITX) gapped down prior to trading on Monday . The stock had previously closed at $38.57, but opened at $36.89. 2x Bitcoin Strategy ETF shares last traded at $37.22, with a volume of 1,124,874 shares trading hands.

2x Bitcoin Strategy ETF Price Performance

The stock’s 50 day moving average is $51.65 and its two-hundred day moving average is $45.22.

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Kingswood Wealth Advisors LLC lifted its position in 2x Bitcoin Strategy ETF by 29.9% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 288,112 shares of the company’s stock worth $14,910,000 after buying an additional 66,398 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of 2x Bitcoin Strategy ETF in the 4th quarter valued at about $171,000. JBF Capital Inc. bought a new stake in shares of 2x Bitcoin Strategy ETF in the 4th quarter valued at about $3,881,000. Finally, Jump Financial LLC raised its holdings in shares of 2x Bitcoin Strategy ETF by 8.0% in the 4th quarter. Jump Financial LLC now owns 38,852 shares of the company’s stock valued at $2,011,000 after purchasing an additional 2,862 shares during the period.

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.