ProShares Bitcoin Strategy ETF (NYSEARCA:BITO) Stock Price Down 4%

Shares of ProShares Bitcoin Strategy ETF (NYSEARCA:BITO) dropped 4% during trading on Wednesday . The company traded as low as $26.13 and last traded at $26.37. Approximately 8,807,178 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 22,815,662 shares. The stock had previously closed at $27.46.

ProShares Bitcoin Strategy ETF Stock Down 3.4 %

The business has a fifty day simple moving average of $28.58 and a 200-day simple moving average of $22.32.

Hedge Funds Weigh In On ProShares Bitcoin Strategy ETF

A number of institutional investors have recently added to or reduced their stakes in BITO. UMB Bank n.a. bought a new position in shares of ProShares Bitcoin Strategy ETF during the fourth quarter valued at $74,000. HighTower Advisors LLC increased its holdings in shares of ProShares Bitcoin Strategy ETF by 8.1% during the third quarter. HighTower Advisors LLC now owns 73,379 shares of the company’s stock valued at $1,011,000 after acquiring an additional 5,516 shares in the last quarter. Brookstone Capital Management bought a new position in shares of ProShares Bitcoin Strategy ETF during the fourth quarter valued at $303,000. EisnerAmper Wealth Management Corporate Benefits LLC bought a new position in shares of ProShares Bitcoin Strategy ETF during the fourth quarter valued at $275,000. Finally, MFA Wealth Advisors LLC increased its holdings in shares of ProShares Bitcoin Strategy ETF by 3.4% during the third quarter. MFA Wealth Advisors LLC now owns 212,019 shares of the company’s stock valued at $2,928,000 after acquiring an additional 6,913 shares in the last quarter.

ProShares Bitcoin Strategy 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.