ProShares Short Bitcoin ETF (NYSEARCA:BITI – Get Free Report) were up 2.9% on Friday . The company traded as high as $19.73 and last traded at $19.56. Approximately 1,918,729 shares changed hands during mid-day trading, a decline of 2% from the average session volume of 1,949,090 shares. The stock had previously closed at $19.01.
ProShares Short Bitcoin ETF Price Performance
The company’s 50-day simple moving average is $24.52 and its 200-day simple moving average is $25.00. The company has a market cap of $98.97 million, a price-to-earnings ratio of -4.85 and a beta of -1.41.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in BITI. Quadrature Capital Ltd purchased a new stake in ProShares Short Bitcoin ETF during the 4th quarter worth $2,505,000. Tucker Asset Management LLC purchased a new position in ProShares Short Bitcoin ETF in the 2nd quarter valued at about $2,105,000. IMC Chicago LLC acquired a new stake in shares of ProShares Short Bitcoin ETF during the first quarter valued at about $1,611,000. Advisory Services Network LLC acquired a new stake in shares of ProShares Short Bitcoin ETF during the second quarter valued at about $779,000. Finally, SIH Partners LLLP purchased a new stake in shares of ProShares Short Bitcoin ETF during the fourth quarter worth about $895,000. 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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