2x Bitcoin Strategy ETF (NYSEARCA:BITX) Shares Down 5.9% – Should You Sell?

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s stock price was down 5.9% during mid-day trading on Tuesday . The stock traded as low as $50.39 and last traded at $50.41. Approximately 5,528,799 shares traded hands during trading, a decline of 38% from the average daily volume of 8,935,689 shares. The stock had previously closed at $53.58.

2x Bitcoin Strategy ETF Trading Down 6.9 %

The company has a fifty day moving average of $57.69 and a 200-day moving average of $43.23.

2x Bitcoin Strategy ETF Cuts Dividend

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

Institutional Trading of 2x Bitcoin Strategy ETF

Several hedge funds and other institutional investors have recently modified their holdings of the company. Graypoint LLC raised 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 acquiring an additional 2,536 shares in the last quarter. Jump Financial LLC raised its holdings in 2x Bitcoin Strategy ETF by 8.0% during the fourth quarter. Jump Financial LLC now owns 38,852 shares of the company’s stock valued at $2,011,000 after buying an additional 2,862 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in 2x Bitcoin Strategy ETF during the fourth quarter valued at about $171,000. Kingswood Wealth Advisors LLC raised its holdings in 2x Bitcoin Strategy ETF by 29.9% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 288,112 shares of the company’s stock valued at $14,910,000 after buying an additional 66,398 shares in the last quarter. Finally, JBF Capital Inc. bought a new position in 2x Bitcoin Strategy ETF during the fourth quarter valued at about $3,881,000.

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.