ProShares Short Bitcoin ETF (NYSEARCA:BITI) Stock Price Up 0.9% – Here’s Why

ProShares Short Bitcoin ETF (NYSEARCA:BITI)’s stock price shot up 0.9% during trading on Thursday . The stock traded as high as $23.86 and last traded at $23.78. 1,431,360 shares traded hands during trading, a decline of 28% from the average daily volume of 1,982,201 shares. The stock had previously closed at $23.57.

ProShares Short Bitcoin ETF Trading Up 0.9%

The stock has a market capitalization of $120.33 million, a P/E ratio of -5.90 and a beta of -1.41. The business’s fifty day simple moving average is $25.98 and its two-hundred day simple moving average is $25.26.

Institutional Investors Weigh In On ProShares Short Bitcoin ETF

Hedge funds have recently made changes to their positions in the stock. Federation des caisses Desjardins du Quebec increased its stake in ProShares Short Bitcoin ETF by 1,250.0% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 2,700 shares of the company’s stock valued at $63,000 after acquiring an additional 2,500 shares during the period. Simplex Trading LLC acquired a new stake in shares of ProShares Short Bitcoin ETF during the 4th quarter worth approximately $163,000. Jump Financial LLC bought a new stake in shares of ProShares Short Bitcoin ETF during the fourth quarter valued at approximately $200,000. Sykon Capital LLC bought a new stake in shares of ProShares Short Bitcoin ETF during the fourth quarter valued at approximately $209,000. Finally, Group One Trading LLC acquired a new position in shares of ProShares Short Bitcoin ETF in the second quarter valued at $207,000. Institutional investors own 30.27% of the company’s stock.

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.