2x Bitcoin Strategy ETF (NYSEARCA:BITX) Stock Price Down 4.8%

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s stock price dropped 4.8% on Monday . The company traded as low as $24.73 and last traded at $25.00. Approximately 965,474 shares traded hands during trading, a decline of 81% from the average daily volume of 5,064,731 shares. The stock had previously closed at $26.27.

2x Bitcoin Strategy ETF Trading Down 7.3 %

The company’s fifty day simple moving average is $29.54 and its 200-day simple moving average is $38.65.

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

A number of hedge funds have recently made changes to their positions in BITX. Hollencrest Capital Management purchased a new stake in shares of 2x Bitcoin Strategy ETF during the second quarter worth $40,000. VitalStone Financial LLC boosted its position in 2x Bitcoin Strategy ETF by 142.3% during the first quarter. VitalStone Financial LLC now owns 1,575 shares of the company’s stock worth $84,000 after acquiring an additional 925 shares during the last quarter. Selway Asset Management purchased a new stake in 2x Bitcoin Strategy ETF during the 1st quarter valued at about $399,000. Finally, Kingswood Wealth Advisors LLC raised its holdings in 2x Bitcoin Strategy ETF by 22.9% in the 2nd quarter. Kingswood Wealth Advisors LLC now owns 166,175 shares of the company’s stock valued at $5,264,000 after acquiring an additional 30,991 shares during 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.