2x Bitcoin Strategy ETF (NYSEARCA:BITX) Stock Price Down 7.5% – Here’s Why

2x Bitcoin Strategy ETF (NYSEARCA:BITX) shares traded down 7.5% during mid-day trading on Thursday . The stock traded as low as $56.05 and last traded at $57.22. 13,672,033 shares traded hands during trading, an increase of 107% from the average session volume of 6,615,854 shares. The stock had previously closed at $61.87.

2x Bitcoin Strategy ETF Price Performance

The firm’s 50-day moving average is $48.81 and its two-hundred day moving average is $37.41.

2x Bitcoin Strategy ETF Cuts Dividend

The company also recently declared a dividend, which was paid on Tuesday, December 17th. Investors 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 Investors Weigh In On 2x Bitcoin Strategy ETF

A number of institutional investors and hedge funds have recently bought and sold shares of BITX. Hollencrest Capital Management acquired a new stake in 2x Bitcoin Strategy ETF during the 2nd quarter worth about $40,000. Graypoint LLC lifted its stake in 2x Bitcoin Strategy ETF by 23.1% in the 3rd 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. Finally, VitalStone Financial LLC increased its position in shares of 2x Bitcoin Strategy ETF by 128.3% during the second 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.

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.