ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) Short Interest Down 35.6% in April

ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) was the recipient of a large decline in short interest during the month of April. As of April 30th, there was short interest totaling 56,817 shares, a decline of 35.6% from the April 15th total of 88,232 shares. Currently, 1.4% of the company’s stock are short sold. Based on an average daily volume of 943,621 shares, the days-to-cover ratio is presently 0.1 days.

ProShares Ultra Short Bitcoin ETF Price Performance

Shares of SBIT traded up $2.38 during trading hours on Monday, hitting $42.95. The company had a trading volume of 881,031 shares, compared to its average volume of 1,818,333. The firm has a fifty day moving average price of $48.62 and a 200-day moving average price of $46.72. ProShares Ultra Short Bitcoin ETF has a 52-week low of $23.60 and a 52-week high of $76.51.

Hedge Funds Weigh In On ProShares Ultra Short Bitcoin ETF

Hedge funds have recently bought and sold shares of the business. IMC Chicago LLC purchased a new position in ProShares Ultra Short Bitcoin ETF in the 4th quarter worth about $1,182,000. Canton Hathaway LLC purchased a new position in ProShares Ultra Short Bitcoin ETF in the 4th quarter worth about $86,000. Group One Trading LLC raised its position in ProShares Ultra Short Bitcoin ETF by 4,555.3% in the 1st quarter. Group One Trading LLC now owns 10,940 shares of the company’s stock worth $623,000 after buying an additional 10,705 shares during the last quarter. XTX Topco Ltd purchased a new position in ProShares Ultra Short Bitcoin ETF in the 4th quarter worth about $247,000. Finally, Jump Financial LLC raised its position in ProShares Ultra Short Bitcoin ETF by 161.1% in the 4th quarter. Jump Financial LLC now owns 27,071 shares of the company’s stock worth $1,189,000 after buying an additional 16,703 shares during the last quarter.

ProShares Ultra Short Bitcoin ETF Company Profile

The ProShares UltraShort Bitcoin ETF (SBIT) 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 inverse exposure to Bitcoin. SBIT was launched on Apr 2, 2024 and is issued by ProShares.