2x Bitcoin Strategy ETF (NYSEARCA:BITX) Shares Down 4.1% – Should You Sell?

Shares of 2x Bitcoin Strategy ETF (NYSEARCA:BITX) were down 4.1% during mid-day trading on Tuesday . The company traded as low as $55.17 and last traded at $56.31. Approximately 2,541,743 shares traded hands during trading, a decline of 72% from the average daily volume of 8,981,263 shares. The stock had previously closed at $58.70.

2x Bitcoin Strategy ETF Trading Down 2.0 %

The business’s 50-day moving average price is $58.94 and its 200 day moving average price is $42.06.

2x Bitcoin Strategy ETF Cuts Dividend

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

Institutional Trading of 2x Bitcoin Strategy ETF

Institutional investors and hedge funds have recently modified their holdings of the company. Graypoint LLC grew its holdings in 2x Bitcoin Strategy ETF by 23.1% during the 3rd quarter. Graypoint LLC now owns 13,537 shares of the company’s stock valued at $386,000 after purchasing an additional 2,536 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of 2x Bitcoin Strategy ETF in the 4th quarter worth approximately $171,000. Finally, Kingswood Wealth Advisors LLC lifted its position in shares of 2x Bitcoin Strategy ETF by 29.9% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 288,112 shares of the company’s stock worth $14,910,000 after purchasing an additional 66,398 shares during the period.

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.