2x Bitcoin Strategy ETF (NYSEARCA:BITX) Shares Down 7.9%

Shares of 2x Bitcoin Strategy ETF (NYSEARCA:BITX) dropped 7.9% during mid-day trading on Wednesday . The company traded as low as $26.32 and last traded at $26.81. Approximately 2,560,003 shares changed hands during trading, a decline of 48% from the average daily volume of 4,967,952 shares. The stock had previously closed at $29.12.

2x Bitcoin Strategy ETF Stock Performance

The business’s 50 day moving average price is $31.38 and its 200 day moving average price is $39.24.

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Hollencrest Capital Management acquired a new position in shares of 2x Bitcoin Strategy ETF in the 2nd quarter valued at $40,000. VitalStone Financial LLC lifted its position in 2x Bitcoin Strategy ETF by 142.3% in the first quarter. VitalStone Financial LLC now owns 1,575 shares of the company’s stock valued at $84,000 after buying an additional 925 shares during the last quarter. Selway Asset Management purchased a new position in 2x Bitcoin Strategy ETF during the first quarter worth about $399,000. Finally, Kingswood Wealth Advisors LLC increased its position in shares of 2x Bitcoin Strategy ETF by 22.9% during the second quarter. Kingswood Wealth Advisors LLC now owns 166,175 shares of the company’s stock valued at $5,264,000 after acquiring an additional 30,991 shares during 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.