Bitwise Web3 ETF (NYSEARCA:BWEB) Sees Significant Drop in Short Interest

Bitwise Web3 ETF (NYSEARCA:BWEB) was the target of a significant decline in short interest in March. As of March 13th, there was short interest totaling 19 shares, a decline of 26.9% from the February 26th total of 26 shares. Currently, 0.0% of the shares of the stock are short sold. Based on an average daily volume of 229 shares, the short-interest ratio is currently 0.1 days.

Bitwise Web3 ETF Stock Performance

Shares of BWEB remained flat at $61.57 during mid-day trading on Monday. 21 shares of the company traded hands, compared to its average volume of 633. Bitwise Web3 ETF has a 52-week low of $41.19 and a 52-week high of $88.75. The firm’s fifty day simple moving average is $67.50 and its 200 day simple moving average is $74.10. The stock has a market cap of $4.93 million, a PE ratio of 31.67 and a beta of 2.30.

Hedge Funds Weigh In On Bitwise Web3 ETF

A number of hedge funds have recently made changes to their positions in BWEB. Sanctuary Advisors LLC purchased a new stake in shares of Bitwise Web3 ETF during the fourth quarter worth approximately $788,000. Jane Street Group LLC lifted its holdings in Bitwise Web3 ETF by 25.7% in the 4th quarter. Jane Street Group LLC now owns 5,692 shares of the company’s stock valued at $403,000 after purchasing an additional 1,163 shares in the last quarter. Finally, Ankerstar Wealth LLC purchased a new position in Bitwise Web3 ETF in the 4th quarter valued at $76,000.

Bitwise Web3 ETF Company Profile

The Bitwise Web3 ETF (BWEB) is an exchange-traded fund that is based on the Bitwise Web3 Equities index. The fund tracks a tier-weighted index of companies connected to the global Web 3.0 industry. The selection process is overseen by a committee. BWEB was launched on Oct 4, 2022 and is managed by Bitwise.