ProShares Short Bitcoin ETF (NYSEARCA:BITI) Trading Up 2% – Should You Buy?

ProShares Short Bitcoin ETF (NYSEARCA:BITI) shares shot up 2% during trading on Tuesday . The company traded as high as $23.84 and last traded at $23.49. 1,281,999 shares traded hands during trading, a decline of 35% from the average session volume of 1,971,111 shares. The stock had previously closed at $23.04.

ProShares Short Bitcoin ETF Stock Performance

The business has a 50-day moving average of $19.66 and a 200 day moving average of $19.25. The stock has a market cap of $103.10 million, a PE ratio of -5.66 and a beta of -1.44.

Hedge Funds Weigh In On ProShares Short Bitcoin ETF

A number of hedge funds have recently made changes to their positions in the stock. Advisory Services Network LLC purchased a new stake in ProShares Short Bitcoin ETF during the second quarter worth approximately $779,000. CreativeOne Wealth LLC purchased a new stake in ProShares Short Bitcoin ETF during the 1st quarter worth $612,000. Jump Financial LLC acquired a new stake in ProShares Short Bitcoin ETF in the 1st quarter valued at $452,000. XTX Topco Ltd acquired a new stake in ProShares Short Bitcoin ETF in the 2nd quarter valued at $230,000. Finally, Group One Trading LLC purchased a new position in ProShares Short Bitcoin ETF in the second quarter valued at about $207,000. Institutional investors and hedge funds 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.