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

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $59.12, but opened at $54.89. 2x Bitcoin Strategy ETF shares last traded at $54.38, with a volume of 2,864,998 shares changing hands.

2x Bitcoin Strategy ETF Price Performance

The company has a 50-day simple moving average of $49.80 and a 200 day simple moving average of $37.41.

2x Bitcoin Strategy ETF Cuts Dividend

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Hollencrest Capital Management purchased a new position in 2x Bitcoin Strategy ETF in the 2nd quarter valued at $40,000. Graypoint LLC boosted its position in 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 during the last quarter. Finally, VitalStone Financial LLC grew its stake in 2x Bitcoin Strategy ETF by 128.3% during the 2nd quarter. VitalStone Financial LLC now owns 3,595 shares of the company’s stock valued at $114,000 after acquiring an additional 2,020 shares in the last quarter.

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.