ProShares Bitcoin ETF (NYSEARCA:BITO) Shares Gap Down – Should You Sell?

ProShares Bitcoin ETF (NYSEARCA:BITO)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $19.88, but opened at $18.91. ProShares Bitcoin ETF shares last traded at $19.12, with a volume of 2,440,225 shares changing hands.

ProShares Bitcoin ETF Trading Up 1.5 %

The business has a 50-day simple moving average of $18.66 and a 200 day simple moving average of $22.10.

Institutional Investors Weigh In On ProShares Bitcoin ETF

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jane Street Group LLC increased its stake in shares of ProShares Bitcoin ETF by 170.8% during the first quarter. Jane Street Group LLC now owns 19,154,637 shares of the company’s stock valued at $618,695,000 after purchasing an additional 12,081,007 shares in the last quarter. Sylebra Capital LLC purchased a new stake in shares of ProShares Bitcoin ETF in the first quarter worth $24,996,000. Proficio Capital Partners LLC raised its position in shares of ProShares Bitcoin ETF by 308.6% in the 1st quarter. Proficio Capital Partners LLC now owns 249,695 shares of the company’s stock worth $8,065,000 after purchasing an additional 188,580 shares during the last quarter. Whitebox Advisors LLC boosted its stake in ProShares Bitcoin ETF by 41.6% in the 1st quarter. Whitebox Advisors LLC now owns 538,000 shares of the company’s stock worth $17,377,000 after purchasing an additional 158,175 shares in the last quarter. Finally, K2 Principal Fund L.P. purchased a new stake in ProShares Bitcoin ETF during the 1st quarter valued at about $4,203,000.

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.