2x Bitcoin Strategy ETF (NYSEARCA:BITX) Shares Up 13.6% – Should You Buy?

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s stock price shot up 13.6% during mid-day trading on Wednesday . The stock traded as high as $37.63 and last traded at $36.88. 6,180,852 shares changed hands during mid-day trading, an increase of 10% from the average session volume of 5,610,106 shares. The stock had previously closed at $32.46.

2x Bitcoin Strategy ETF Price Performance

The company has a fifty day simple moving average of $28.46 and a two-hundred day simple moving average of $33.67.

Institutional Investors Weigh In On 2x Bitcoin Strategy ETF

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hollencrest Capital Management acquired a new stake in shares of 2x Bitcoin Strategy ETF during the second quarter worth about $40,000. VitalStone Financial LLC lifted its position in shares of 2x Bitcoin Strategy ETF by 142.3% during the 1st quarter. VitalStone Financial LLC now owns 1,575 shares of the company’s stock valued at $84,000 after buying an additional 925 shares in the last quarter. Graypoint LLC increased its stake in shares of 2x Bitcoin Strategy ETF by 23.1% during the third quarter. Graypoint LLC now owns 13,537 shares of the company’s stock worth $386,000 after purchasing an additional 2,536 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC raised its holdings 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.