ProShares Bitcoin ETF (NYSEARCA:BITO) Shares Gap Up – Should You Buy?

ProShares Bitcoin ETF (NYSEARCA:BITO) gapped up before the market opened on Tuesday . The stock had previously closed at $12.63, but opened at $13.11. ProShares Bitcoin ETF shares last traded at $13.3190, with a volume of 2,390,659 shares trading hands.

ProShares Bitcoin ETF Trading Up 7.2%

The business has a fifty day moving average price of $17.23 and a 200 day moving average price of $19.82.

Institutional Investors Weigh In On ProShares Bitcoin ETF

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Kelleher Financial Advisors acquired a new stake in ProShares Bitcoin ETF in the third quarter worth about $26,000. PNC Financial Services Group Inc. bought a new stake in shares of ProShares Bitcoin ETF during the 2nd quarter worth about $28,000. ST Germain D J Co. Inc. lifted its stake in shares of ProShares Bitcoin ETF by 55.4% in the 3rd quarter. ST Germain D J Co. Inc. now owns 1,462 shares of the company’s stock worth $29,000 after acquiring an additional 521 shares during the period. Caitlin John LLC acquired a new stake in shares of ProShares Bitcoin ETF in the 3rd quarter worth approximately $29,000. Finally, Dagco Inc. bought a new position in shares of ProShares Bitcoin ETF in the first quarter valued at approximately $29,000.

ProShares Bitcoin ETF Company Profile

The ProShares Bitcoin Strategy ETF (BITO) is an exchange-traded fund that mostly invests in long bitcoin, short usd currency. The fund actively manages a portfolio of front-month CME bitcoin futures. BITO was launched on Oct 18, 2021 and is managed by ProShares.