ProShares Bitcoin ETF (NYSEARCA:BITO) Hits New 12-Month Low – Here’s Why

Shares of ProShares Bitcoin ETF (NYSEARCA:BITO) hit a new 52-week low during trading on Wednesday . The company traded as low as $10.08 and last traded at $10.57, with a volume of 104755051 shares trading hands. The stock had previously closed at $10.79.

ProShares Bitcoin ETF Trading Down 2.0%

The company’s fifty day moving average is $12.76 and its two-hundred day moving average is $16.89.

ProShares Bitcoin ETF Cuts Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, February 6th. Stockholders of record on Monday, February 2nd will be given a $0.0097 dividend. The ex-dividend date of this dividend is Monday, February 2nd. This represents a c) annualized dividend and a dividend yield of 1.1%.

Institutional Investors Weigh In On ProShares Bitcoin ETF

Several hedge funds have recently modified their holdings of the stock. Acorns Advisers LLC boosted its holdings in ProShares Bitcoin ETF by 16.5% in the 3rd quarter. Acorns Advisers LLC now owns 4,576,226 shares of the company’s stock worth $90,060,000 after acquiring an additional 647,924 shares during the period. Tidal Investments LLC lifted its position in shares of ProShares Bitcoin ETF by 139.3% during the third quarter. Tidal Investments LLC now owns 912,135 shares of the company’s stock worth $17,165,000 after purchasing an additional 530,987 shares in the last quarter. RK Capital Management LLC FL boosted its stake in shares of ProShares Bitcoin ETF by 374.5% in the second quarter. RK Capital Management LLC FL now owns 833,600 shares of the company’s stock valued at $17,931,000 after purchasing an additional 657,910 shares during the period. Faithward Advisors LLC grew its holdings in ProShares Bitcoin ETF by 3.0% during the 2nd quarter. Faithward Advisors LLC now owns 785,517 shares of the company’s stock valued at $16,896,000 after purchasing an additional 23,237 shares in the last quarter. Finally, Fielder Capital Group LLC increased its stake in ProShares Bitcoin ETF by 14.5% during the 3rd quarter. Fielder Capital Group LLC now owns 508,475 shares of the company’s stock worth $10,007,000 after buying an additional 64,525 shares during the period.

About ProShares Bitcoin ETF

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.