ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Sees Large Drop in Short Interest

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) was the target of a large drop in short interest during the month of May. As of May 31st, there was short interest totalling 771,900 shares, a drop of 36.2% from the May 15th total of 1,210,000 shares. Based on an average trading volume of 2,328,300 shares, the days-to-cover ratio is presently 0.3 days. Currently, 3.4% of the company’s shares are sold short.

Institutional Trading of ProShares Ultra Bitcoin ETF

Hedge funds and other institutional investors have recently modified their holdings of the business. JBF Capital Inc. bought a new stake in shares of ProShares Ultra Bitcoin ETF in the 4th quarter worth approximately $3,706,000. Susquehanna International Group LLP purchased a new position in ProShares Ultra Bitcoin ETF in the 4th quarter worth approximately $3,187,000. NewEdge Advisors LLC lifted its position in ProShares Ultra Bitcoin ETF by 118.2% in the 4th quarter. NewEdge Advisors LLC now owns 33,462 shares of the company’s stock valued at $1,654,000 after acquiring an additional 18,125 shares in the last quarter. IMC Chicago LLC purchased a new stake in ProShares Ultra Bitcoin ETF during the 1st quarter valued at $560,000. Finally, Mutual Advisors LLC bought a new position in shares of ProShares Ultra Bitcoin ETF during the first quarter valued at $537,000.

ProShares Ultra Bitcoin ETF Stock Down 8.9%

ProShares Ultra Bitcoin ETF stock traded down $4.74 during mid-day trading on Tuesday, reaching $48.54. 1,885,632 shares of the company traded hands, compared to its average volume of 2,497,619. ProShares Ultra Bitcoin ETF has a 52-week low of $16.30 and a 52-week high of $68.43. The firm’s 50 day moving average price is $45.87 and its 200 day moving average price is $47.20.

About ProShares Ultra Bitcoin ETF

The ProShares UltraBitcoin ETF (BITU) 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 leveraged exposure to Bitcoin. BITU was launched on Apr 2, 2024 and is issued by ProShares.