ProShares Short Bitcoin ETF (NYSEARCA:BITI – Get Free Report) dropped 4.6% on Monday . The company traded as low as $25.38 and last traded at $25.69. Approximately 1,864,295 shares were traded during mid-day trading, a decline of 16% from the average daily volume of 2,215,490 shares. The stock had previously closed at $26.93.
ProShares Short Bitcoin ETF Trading Down 4.6%
The company has a market capitalization of $207.83 million, a PE ratio of -6.37 and a beta of -1.36. The business’s fifty day moving average is $23.87 and its two-hundred day moving average is $24.39.
Institutional Investors Weigh In On ProShares Short Bitcoin ETF
A number of hedge funds have recently added to or reduced their stakes in BITI. Federation des caisses Desjardins du Quebec raised its stake in ProShares Short Bitcoin ETF by 1,250.0% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 2,700 shares of the company’s stock valued at $63,000 after buying an additional 2,500 shares during the last quarter. Simplex Trading LLC purchased a new stake in ProShares Short Bitcoin ETF during the 4th quarter valued at $163,000. Jump Financial LLC purchased a new stake in ProShares Short Bitcoin ETF during the 4th quarter valued at $200,000. Group One Trading LLC purchased a new stake in ProShares Short Bitcoin ETF during the 2nd quarter valued at $207,000. Finally, Sykon Capital LLC purchased a new stake in ProShares Short Bitcoin ETF during the 4th quarter valued at $209,000. 30.27% of the stock is currently owned by hedge funds and other institutional investors.
About ProShares Short Bitcoin ETF
The ProShares Trust – ProShares Short Bitcoin Strategy ETF (BITI) is an exchange-traded fund that is based on the S&P CME Bitcoin Futures index. The fund tracks the inverse daily price movements of an index of front-month CME bitcoin futures. It aims to profit from the price decline of bitcoin. BITI was launched on Jun 21, 2022 and is managed by ProShares.
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