ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) Sees Significant Decrease in Short Interest

ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) saw a large decrease in short interest in July. As of July 31st, there was short interest totaling 96,663 shares, a decrease of 45.4% from the July 15th total of 177,036 shares. Approximately 3.2% of the company’s stock are sold short. Based on an average daily trading volume, of 507,611 shares, the days-to-cover ratio is currently 0.2 days.

ProShares Ultra Short Bitcoin ETF Stock Performance

SBIT stock traded down $2.60 during midday trading on Monday, hitting $55.90. The company’s stock had a trading volume of 474,918 shares, compared to its average volume of 1,391,780. ProShares Ultra Short Bitcoin ETF has a 52-week low of $23.60 and a 52-week high of $76.51. The firm has a 50-day simple moving average of $59.15 and a 200-day simple moving average of $54.45.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. StoneX Group Inc. acquired a new position in ProShares Ultra Short Bitcoin ETF during the 4th quarter worth $226,000. XTX Topco Ltd purchased a new position in shares of ProShares Ultra Short Bitcoin ETF in the 4th quarter valued at about $247,000. Group One Trading LLC boosted its stake in shares of ProShares Ultra Short Bitcoin ETF by 4,555.3% in the 1st quarter. Group One Trading LLC now owns 10,940 shares of the company’s stock valued at $623,000 after buying an additional 10,705 shares during the period. IMC Chicago LLC acquired a new position in shares of ProShares Ultra Short Bitcoin ETF during the fourth quarter worth about $1,182,000. Finally, Jump Financial LLC grew its position in shares of ProShares Ultra Short Bitcoin ETF by 161.1% during the fourth quarter. Jump Financial LLC now owns 27,071 shares of the company’s stock worth $1,189,000 after buying an additional 16,703 shares in the last quarter.

ProShares Ultra Short Bitcoin ETF Company Profile

The ProShares UltraShort Bitcoin ETF (SBIT) is an exchange-traded fund that is based on the Bloomberg Bitcoin index. The fund tracks -2x the daily price movements of an index that measures the price of Bitcoin. The fund uses swaps to provide inverse exposure to Bitcoin. SBIT was launched on Apr 2, 2024 and is issued by ProShares.