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

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $65.54, but opened at $63.49. 2x Bitcoin Strategy ETF shares last traded at $62.70, with a volume of 2,131,401 shares changing hands.

2x Bitcoin Strategy ETF Price Performance

The stock has a 50-day moving average price of $58.41 and a 200 day moving average price of $40.35.

2x Bitcoin Strategy ETF Cuts Dividend

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

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Graypoint LLC lifted its stake 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 purchasing an additional 2,536 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of 2x Bitcoin Strategy ETF during the fourth quarter worth $171,000. Finally, Kingswood Wealth Advisors LLC raised its holdings in shares of 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 during the period.

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.