ProShares Short Bitcoin Strategy ETF (NYSEARCA:BITI) Trading Down 3.5%

ProShares Short Bitcoin Strategy ETF (NYSEARCA:BITI)’s stock price dropped 3.5% during trading on Monday . The stock traded as low as $7.74 and last traded at $7.77. Approximately 7,650,728 shares were traded during trading, an increase of 0% from the average daily volume of 7,647,179 shares. The stock had previously closed at $8.05.

ProShares Short Bitcoin Strategy ETF Stock Performance

The firm’s 50 day moving average is $8.42 and its 200 day moving average is $12.41.

Hedge Funds Weigh In On ProShares Short Bitcoin Strategy ETF

A hedge fund recently raised its stake in ProShares Short Bitcoin Strategy ETF stock. Tower Research Capital LLC TRC grew its stake in ProShares Short Bitcoin Strategy ETF (NYSEARCA:BITI) by 532.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,856 shares of the company’s stock after buying an additional 15,876 shares during the period. Tower Research Capital LLC TRC owned approximately 0.51% of ProShares Short Bitcoin Strategy ETF worth $398,000 at the end of the most recent reporting period.

About ProShares Short Bitcoin Strategy 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.