2x Bitcoin Strategy ETF (NYSEARCA:BITX) Trading Up 7.7% – Should You Buy?

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s share price shot up 7.7% during mid-day trading on Wednesday . The company traded as high as $57.45 and last traded at $56.92. 12,246,060 shares changed hands during mid-day trading, an increase of 108% from the average session volume of 5,884,777 shares. The stock had previously closed at $52.83.

2x Bitcoin Strategy ETF Price Performance

The business’s 50-day simple moving average is $30.85 and its 200-day simple moving average is $33.85.

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. 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 buying an additional 30,991 shares during the period. Graypoint LLC grew its holdings in shares of 2x Bitcoin Strategy ETF by 23.1% during the 3rd quarter. Graypoint LLC now owns 13,537 shares of the company’s stock worth $386,000 after acquiring an additional 2,536 shares during the period. VitalStone Financial LLC raised its position in shares of 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 acquiring an additional 2,020 shares in the last quarter. Finally, Hollencrest Capital Management purchased a new position in shares of 2x Bitcoin Strategy ETF in the 2nd quarter valued at approximately $40,000.

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.