ProShares Short Bitcoin ETF (NYSEARCA:BITI) Short Interest Update

ProShares Short Bitcoin ETF (NYSEARCA:BITI) was the recipient of a large increase in short interest in the month of September. As of September 15th, there was short interest totaling 463,190 shares, an increase of 57.7% from the August 31st total of 293,672 shares. Approximately 7.9% of the company’s shares are sold short. Based on an average daily trading volume, of 1,306,234 shares, the short-interest ratio is presently 0.4 days.

ProShares Short Bitcoin ETF Stock Performance

Shares of BITI stock traded down $0.26 on Thursday, reaching $17.38. 744,761 shares of the company’s stock traded hands, compared to its average volume of 1,893,792. The company has a market capitalization of $85.66 million, a P/E ratio of -4.31 and a beta of -1.43. 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 price is $20.93 and its two-hundred day moving average price is $23.52.

Hedge Funds Weigh In On ProShares Short Bitcoin ETF

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tucker Asset Management LLC bought a new stake in ProShares Short Bitcoin ETF in the second quarter worth approximately $2,105,000. AXQ Capital LP bought a new stake in ProShares Short Bitcoin ETF in the second quarter worth $361,000. Finally, IMC Chicago LLC bought a new stake in ProShares Short Bitcoin ETF in the first quarter worth $1,611,000. Institutional investors own 30.27% of the company’s stock.

ProShares Short Bitcoin ETF Company Profile

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.