2x Bitcoin Strategy ETF (NYSEARCA:BITX) Trading 6.5% Higher – Still a Buy?

2x Bitcoin Strategy ETF (NYSEARCA:BITX) shot up 6.5% on Monday . The stock traded as high as $29.84 and last traded at $29.66. 1,905,775 shares traded hands during trading, a decline of 64% from the average session volume of 5,274,821 shares. The stock had previously closed at $27.85.

2x Bitcoin Strategy ETF Stock Performance

The stock’s 50-day simple moving average is $27.19 and its 200 day simple moving average is $35.15.

Institutional Investors Weigh In On 2x Bitcoin Strategy ETF

Institutional investors and hedge funds have recently bought and sold shares of the stock. Kingswood Wealth Advisors LLC increased its stake in 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 worth $5,264,000 after acquiring an additional 30,991 shares during the last quarter. Selway Asset Management acquired a new position in shares of 2x Bitcoin Strategy ETF in the 1st quarter worth approximately $399,000. VitalStone Financial LLC boosted 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 purchasing an additional 2,020 shares during the period. Finally, Hollencrest Capital Management bought a new stake in shares of 2x Bitcoin Strategy ETF during the 2nd quarter valued at about $40,000.

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.