ProShares Short Bitcoin ETF (NYSEARCA:BITI) Trading Up 2.5% – Still a Buy?

ProShares Short Bitcoin ETF (NYSEARCA:BITI) shares traded up 2.5% on Wednesday . The company traded as high as $26.28 and last traded at $25.97. Approximately 749,387 shares were traded during mid-day trading, a decline of 65% from the average session volume of 2,144,050 shares. The stock had previously closed at $25.34.

ProShares Short Bitcoin ETF Stock Up 2.5%

The business’s 50-day simple moving average is $24.97 and its two-hundred day simple moving average is $24.90. The firm has a market cap of $108.55 million, a price-to-earnings ratio of -6.44 and a beta of -1.42.

Hedge Funds Weigh In On ProShares Short Bitcoin ETF

Large investors have recently bought and sold shares of the business. Federation des caisses Desjardins du Quebec grew its holdings in ProShares Short Bitcoin ETF by 1,250.0% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 2,700 shares of the company’s stock valued at $63,000 after purchasing an additional 2,500 shares during the period. Simplex Trading LLC purchased a new position in shares of ProShares Short Bitcoin ETF during the 4th quarter valued at approximately $163,000. Jump Financial LLC purchased a new position in shares of ProShares Short Bitcoin ETF during the 4th quarter valued at approximately $200,000. Sykon Capital LLC purchased a new position in shares of ProShares Short Bitcoin ETF during the 4th quarter valued at approximately $209,000. Finally, Group One Trading LLC acquired a new stake in ProShares Short Bitcoin ETF in the 2nd quarter valued at $207,000. Institutional investors and hedge funds 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.