ProShares Short Bitcoin ETF (NYSEARCA:BITI) Trading Up 2.9% – Here’s Why

ProShares Short Bitcoin ETF (NYSEARCA:BITI) rose 2.9% on Friday . The company traded as high as $19.73 and last traded at $19.56. 1,918,729 shares changed hands during trading, a decline of 2% from the average daily volume of 1,949,090 shares. The stock had previously closed at $19.01.

ProShares Short Bitcoin ETF Stock Performance

The firm has a fifty day simple moving average of $24.52 and a 200-day simple moving average of $25.00. The company has a market capitalization of $98.97 million, a PE ratio of -4.85 and a beta of -1.41.

Institutional Trading of ProShares Short Bitcoin ETF

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Group One Trading LLC acquired a new stake in ProShares Short Bitcoin ETF in the second quarter valued at $207,000. Tower Research Capital LLC TRC grew its holdings in ProShares Short Bitcoin ETF by 136.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 15,081 shares of the company’s stock worth $297,000 after acquiring an additional 8,700 shares in the last quarter. Advisory Services Network LLC acquired a new position in ProShares Short Bitcoin ETF during the 2nd quarter worth $779,000. Simplex Trading LLC bought a new stake in shares of ProShares Short Bitcoin ETF in the 4th quarter worth about $163,000. Finally, Sykon Capital LLC bought a new stake in shares of ProShares Short Bitcoin ETF in the 4th quarter worth about $209,000. Institutional investors own 30.27% of the company’s stock.

About ProShares Short Bitcoin ETF

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.