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

2x Bitcoin Strategy ETF (NYSEARCA:BITX)’s stock price dropped 7.5% on Thursday . The stock traded as low as $56.05 and last traded at $57.22. Approximately 13,672,033 shares were traded during trading, an increase of 107% from the average daily volume of 6,615,854 shares. The stock had previously closed at $61.87.

2x Bitcoin Strategy ETF Stock Performance

The company has a 50 day simple moving average of $47.61 and a two-hundred day simple moving average of $37.20.

2x Bitcoin Strategy ETF Cuts Dividend

The business also recently disclosed 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.

Institutional Investors Weigh In On 2x Bitcoin Strategy ETF

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. VitalStone Financial LLC raised its stake in shares of 2x Bitcoin Strategy ETF by 128.3% during 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. Hollencrest Capital Management acquired a new position in 2x Bitcoin Strategy ETF in the second quarter worth approximately $40,000. Finally, Graypoint LLC raised its position in 2x Bitcoin Strategy ETF by 23.1% during the third quarter. Graypoint LLC now owns 13,537 shares of the company’s stock valued at $386,000 after acquiring an additional 2,536 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.