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

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $62.06, but opened at $60.22. 2x Bitcoin Strategy ETF shares last traded at $59.75, with a volume of 1,302,804 shares.

2x Bitcoin Strategy ETF Trading Down 4.8 %

The stock’s 50-day simple moving average is $54.44 and its 200-day simple moving average is $38.46.

2x Bitcoin Strategy ETF Cuts Dividend

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

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

Institutional investors have recently modified their holdings of the business. Graypoint LLC grew its stake 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 buying an additional 2,536 shares during the last quarter. Hollencrest Capital Management bought a new stake in 2x Bitcoin Strategy ETF during the 2nd quarter worth $40,000. Finally, 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 purchasing an additional 2,020 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.