2x Bitcoin Strategy ETF (NYSEARCA:BITX) Shares Down 7.3% – Here’s What Happened

2x Bitcoin Strategy ETF (NYSEARCA:BITX) shares fell 7.3% during trading on Monday . The company traded as low as $49.31 and last traded at $49.35. 4,445,056 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 6,681,852 shares. The stock had previously closed at $53.24.

2x Bitcoin Strategy ETF Trading Down 4.8 %

The firm’s fifty day simple moving average is $51.23 and its 200 day simple moving average is $37.67.

2x Bitcoin Strategy ETF Cuts Dividend

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hollencrest Capital Management purchased a new position in 2x Bitcoin Strategy ETF in the 2nd quarter valued at about $40,000. VitalStone Financial LLC lifted its stake in 2x Bitcoin Strategy ETF by 128.3% in the 2nd quarter. VitalStone Financial LLC now owns 3,595 shares of the company’s stock worth $114,000 after purchasing an additional 2,020 shares in the last quarter. Finally, Graypoint LLC grew its position in shares of 2x Bitcoin Strategy ETF by 23.1% in the third quarter. Graypoint LLC now owns 13,537 shares of the company’s stock valued at $386,000 after purchasing an additional 2,536 shares in the last quarter.

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.