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

Shares of 2x Bitcoin Strategy ETF (NYSEARCA:BITX) traded up 7.7% during trading on Wednesday . The company traded as high as $57.45 and last traded at $56.92. 12,246,060 shares changed hands during 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 stock’s 50-day moving average price is $30.85 and its two-hundred day moving average price is $33.85.

Institutional Trading of 2x Bitcoin Strategy ETF

Several hedge funds and other institutional investors have recently made changes to their positions in BITX. Hollencrest Capital Management bought a new stake in 2x Bitcoin Strategy ETF during the 2nd quarter valued at about $40,000. VitalStone Financial LLC grew its holdings in shares of 2x Bitcoin Strategy ETF by 128.3% during the second quarter. VitalStone Financial LLC now owns 3,595 shares of the company’s stock valued at $114,000 after buying an additional 2,020 shares during the last quarter. Graypoint LLC grew its holdings 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 valued at $386,000 after buying an additional 2,536 shares during the last quarter. 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 in 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.