2x Bitcoin Strategy ETF (NYSEARCA:BITX) Trading Down 7.3% – Should You Sell?

Shares of 2x Bitcoin Strategy ETF (NYSEARCA:BITX) dropped 7.3% during mid-day trading on Monday . The company traded as low as $49.31 and last traded at $49.35. Approximately 4,445,056 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 6,681,852 shares. The stock had previously closed at $53.24.

2x Bitcoin Strategy ETF Price Performance

The firm has a fifty day moving average of $52.05 and a 200 day moving average of $37.84.

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 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 made changes to their positions in BITX. VitalStone Financial LLC boosted its holdings in 2x Bitcoin Strategy ETF by 128.3% during the 2nd quarter. VitalStone Financial LLC now owns 3,595 shares of the company’s stock valued at $114,000 after acquiring an additional 2,020 shares during the period. Hollencrest Capital Management acquired a new position in shares of 2x Bitcoin Strategy ETF in the second quarter valued at approximately $40,000. Finally, Graypoint LLC increased its stake in 2x Bitcoin Strategy ETF by 23.1% during the 3rd 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 period.

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.