ProShares Short Bitcoin ETF (NYSEARCA:BITI – Get Free Report) saw a large decline in short interest during the month of August. As of August 31st, there was short interest totaling 293,672 shares, a decline of 34.4% from the August 15th total of 447,421 shares. Approximately 5.8% of the shares of the stock are sold short. Based on an average trading volume of 2,126,121 shares, the short-interest ratio is presently 0.1 days.
ProShares Short Bitcoin ETF Stock Performance
Shares of BITI traded down $0.13 during midday trading on Thursday, hitting $19.38. 445,946 shares of the company traded hands, compared to its average volume of 1,902,563. The firm has a 50 day moving average of $22.40 and a 200-day moving average of $24.12. ProShares Short Bitcoin ETF has a 52 week low of $16.58 and a 52 week high of $30.93. The stock has a market cap of $116.28 million, a price-to-earnings ratio of -4.81 and a beta of -1.43.
Hedge Funds Weigh In On ProShares Short Bitcoin ETF
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tucker Asset Management LLC purchased a new position in ProShares Short Bitcoin ETF during the 2nd quarter valued at approximately $2,105,000. AXQ Capital LP purchased a new stake in shares of ProShares Short Bitcoin ETF during the 2nd quarter worth approximately $361,000. Finally, IMC Chicago LLC purchased a new stake in shares of ProShares Short Bitcoin ETF during the 1st quarter worth approximately $1,611,000. 30.27% of the stock is owned by 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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