ProShares Short Bitcoin ETF (NYSEARCA:BITI) Short Interest Down 14.4% in April

ProShares Short Bitcoin ETF (NYSEARCA:BITI) was the recipient of a significant decrease in short interest during the month of April. As of April 15th, there was short interest totaling 406,139 shares, a decrease of 14.4% from the March 31st total of 474,290 shares. Currently, 5.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,821,997 shares, the days-to-cover ratio is presently 0.2 days.

ProShares Short Bitcoin ETF Stock Performance

ProShares Short Bitcoin ETF stock traded down $0.85 during trading hours on Friday, hitting $22.23. 638,332 shares of the stock were exchanged, compared to its average volume of 2,363,076. The stock has a market capitalization of $176.73 million, a P/E ratio of -5.52 and a beta of -1.46. ProShares Short Bitcoin ETF has a 12 month low of $16.58 and a 12 month high of $30.93. The business’s 50-day moving average is $25.39 and its two-hundred day moving average is $23.56.

Institutional Trading of ProShares Short Bitcoin ETF

Several large investors have recently added to or reduced their stakes in BITI. Group One Trading LLC bought a new stake in ProShares Short Bitcoin ETF during the second quarter worth about $207,000. Tower Research Capital LLC TRC grew its stake in ProShares Short Bitcoin ETF by 136.3% during the second quarter. Tower Research Capital LLC TRC now owns 15,081 shares of the company’s stock worth $297,000 after buying an additional 8,700 shares during the last quarter. Advisory Services Network LLC bought a new stake in ProShares Short Bitcoin ETF during the second quarter worth about $779,000. Brookstone Capital Management bought a new stake in ProShares Short Bitcoin ETF during the fourth quarter worth about $673,000. Finally, Simplex Trading LLC bought a new stake in ProShares Short Bitcoin ETF during the fourth quarter worth about $163,000. 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.