2x Bitcoin Strategy ETF (NYSEARCA:BITX) Shares Gap Up – Here’s Why

2x Bitcoin Strategy ETF (NYSEARCA:BITX) shares gapped up prior to trading on Wednesday . The stock had previously closed at $36.29, but opened at $37.78. 2x Bitcoin Strategy ETF shares last traded at $37.83, with a volume of 685,702 shares trading hands.

2x Bitcoin Strategy ETF Stock Up 4.8 %

The company’s 50 day moving average price is $50.82 and its two-hundred day moving average price is $45.38.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. JBF Capital Inc. purchased a new position in 2x Bitcoin Strategy ETF in the 4th quarter worth about $3,881,000. Jump Financial LLC increased its stake in 2x Bitcoin Strategy ETF by 8.0% in the 4th quarter. Jump Financial LLC now owns 38,852 shares of the company’s stock worth $2,011,000 after buying an additional 2,862 shares during the period. Kingswood Wealth Advisors LLC increased its stake in 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 buying an additional 66,398 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in 2x Bitcoin Strategy ETF in the 4th quarter worth about $171,000.

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.