2x Bitcoin Strategy ETF (NYSEARCA:BITX) Shares Up 8.6% – Here’s Why

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s share price shot up 8.6% on Monday . The company traded as high as $41.00 and last traded at $40.87. 1,131,789 shares traded hands during trading, a decline of 87% from the average session volume of 8,685,714 shares. The stock had previously closed at $37.65.

2x Bitcoin Strategy ETF Stock Performance

The stock’s fifty day moving average is $49.99 and its two-hundred day moving average is $45.66.

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. JBF Capital Inc. purchased a new position in 2x Bitcoin Strategy ETF in the 4th quarter worth approximately $3,881,000. Jump Financial LLC grew its position in 2x Bitcoin Strategy ETF by 8.0% during the 4th quarter. Jump Financial LLC now owns 38,852 shares of the company’s stock valued at $2,011,000 after purchasing an additional 2,862 shares during the last quarter. Kingswood Wealth Advisors LLC grew its position in 2x Bitcoin Strategy ETF by 29.9% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 288,112 shares of the company’s stock valued at $14,910,000 after purchasing an additional 66,398 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of 2x Bitcoin Strategy ETF during the 4th quarter valued at about $171,000.

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.