2x Bitcoin Strategy ETF (NYSEARCA:BITX) Shares Down 7.5% – Should You Sell?

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s stock price dropped 7.5% during mid-day trading on Thursday . The company traded as low as $56.05 and last traded at $57.22. Approximately 13,672,033 shares traded hands during mid-day trading, an increase of 107% from the average daily volume of 6,615,854 shares. The stock had previously closed at $61.87.

2x Bitcoin Strategy ETF Trading Up 0.1 %

The company has a fifty day simple moving average of $48.81 and a two-hundred day simple moving average of $37.41.

2x Bitcoin Strategy ETF Cuts Dividend

The company also recently disclosed a dividend, which was paid on Tuesday, December 17th. Stockholders of record on Monday, December 16th were issued a $0.5768 dividend. The ex-dividend date of this dividend was Monday, December 16th.

Institutional Investors Weigh In On 2x Bitcoin Strategy ETF

Several hedge funds and other institutional investors have recently made changes to their positions in the business. 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 worth $386,000 after purchasing an additional 2,536 shares during the last quarter. VitalStone Financial LLC boosted its stake 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 worth $114,000 after buying an additional 2,020 shares during the period. Finally, Hollencrest Capital Management purchased a new position in shares of 2x Bitcoin Strategy ETF in the 2nd quarter valued at approximately $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.