2x Bitcoin Strategy ETF (NYSEARCA:BITX) Stock Price Down 5.1% – Here’s Why

2x Bitcoin Strategy ETF (NYSEARCA:BITX) shares dropped 5.1% on Friday . The stock traded as low as $29.95 and last traded at $30.64. Approximately 8,739,360 shares changed hands during mid-day trading, an increase of 60% from the average daily volume of 5,447,375 shares. The stock had previously closed at $32.30.

2x Bitcoin Strategy ETF Stock Performance

The firm’s 50-day moving average price is $27.84 and its 200 day moving average price is $34.54.

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

Several institutional investors and hedge funds have recently modified their holdings of BITX. VitalStone Financial LLC grew its stake in shares of 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 acquiring an additional 925 shares in the last quarter. Kingswood Wealth Advisors LLC lifted its position 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 purchasing an additional 30,991 shares during the period. Finally, Hollencrest Capital Management bought a new stake in 2x Bitcoin Strategy ETF during the second quarter worth about $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.