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

2x Bitcoin Strategy ETF (NYSEARCA:BITX) shares gapped down before the market opened on Tuesday . The stock had previously closed at $49.36, but opened at $44.09. 2x Bitcoin Strategy ETF shares last traded at $42.40, with a volume of 3,827,169 shares.

2x Bitcoin Strategy ETF Stock Down 15.4 %

The stock has a fifty day moving average of $56.43 and a 200-day moving average of $44.11.

2x Bitcoin Strategy ETF Cuts Dividend

The company also recently disclosed a dividend, which was paid on Tuesday, December 17th. Shareholders 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 Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of BITX. 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 worth $14,910,000 after purchasing an additional 66,398 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of 2x Bitcoin Strategy ETF in the 4th quarter valued at approximately $171,000. Graypoint LLC boosted its stake in shares of 2x Bitcoin Strategy ETF by 23.1% in the third quarter. Graypoint LLC now owns 13,537 shares of the company’s stock valued at $386,000 after buying an additional 2,536 shares in the last quarter. JBF Capital Inc. acquired a new position in 2x Bitcoin Strategy ETF during the fourth quarter worth $3,881,000. Finally, Jump Financial LLC raised its position in 2x Bitcoin Strategy ETF by 8.0% in the fourth quarter. Jump Financial LLC now owns 38,852 shares of the company’s stock worth $2,011,000 after acquiring an additional 2,862 shares in the last quarter.

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.