2x Bitcoin Strategy ETF (NYSEARCA:BITX) Shares Up 6.5% – Time to Buy?

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s stock price traded up 6.5% on Monday . The stock traded as high as $29.84 and last traded at $29.66. 1,905,775 shares traded hands during trading, a decline of 64% from the average session volume of 5,274,821 shares. The stock had previously closed at $27.85.

2x Bitcoin Strategy ETF Price Performance

The firm has a 50-day moving average price of $26.93 and a 200-day moving average price of $35.46.

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

A number of hedge funds have recently added to or reduced their stakes in BITX. Hollencrest Capital Management bought a new stake in shares of 2x Bitcoin Strategy ETF in the 2nd quarter worth $40,000. VitalStone Financial LLC increased its holdings in 2x Bitcoin Strategy ETF by 128.3% in the 2nd quarter. VitalStone Financial LLC now owns 3,595 shares of the company’s stock worth $114,000 after buying an additional 2,020 shares in the last quarter. Kingswood Wealth Advisors LLC increased its holdings in 2x Bitcoin Strategy ETF by 22.9% in the 2nd quarter. Kingswood Wealth Advisors LLC now owns 166,175 shares of the company’s stock worth $5,264,000 after buying an additional 30,991 shares in the last quarter. Finally, Selway Asset Management purchased a new position in 2x Bitcoin Strategy ETF in the 1st quarter worth about $399,000.

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.