2x Bitcoin Strategy ETF (NYSEARCA:BITX) Stock Price Up 7.7% – Still a Buy?

2x Bitcoin Strategy ETF (NYSEARCA:BITX) rose 7.7% during mid-day trading on Wednesday . The stock traded as high as $57.45 and last traded at $56.92. Approximately 12,246,060 shares traded hands during mid-day trading, an increase of 108% from the average daily volume of 5,884,777 shares. The stock had previously closed at $52.83.

2x Bitcoin Strategy ETF Stock Performance

The stock’s fifty day simple moving average is $30.30 and its 200-day simple moving average is $33.71.

Hedge Funds Weigh In On 2x Bitcoin Strategy ETF

A number of hedge funds have recently bought and sold shares of the company. Graypoint LLC raised 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 acquiring an additional 2,536 shares during the period. Hollencrest Capital Management purchased a new stake in 2x Bitcoin Strategy ETF in the second quarter worth approximately $40,000. VitalStone Financial LLC boosted its stake in 2x Bitcoin Strategy ETF by 128.3% in the second quarter. VitalStone Financial LLC now owns 3,595 shares of the company’s stock worth $114,000 after buying an additional 2,020 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC boosted its stake in 2x Bitcoin Strategy ETF by 22.9% in the second quarter. Kingswood Wealth Advisors LLC now owns 166,175 shares of the company’s stock worth $5,264,000 after buying an additional 30,991 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.