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

ProShares Short Bitcoin ETF (NYSEARCA:BITI) shares shot up 2.9% on Friday . The company traded as high as $19.73 and last traded at $19.56. Approximately 1,918,729 shares were traded during mid-day 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 Price Performance

The stock’s 50 day simple moving average is $24.52 and its two-hundred day simple moving average is $25.00. The firm has a market cap of $98.97 million, a P/E ratio of -4.85 and a beta of -1.41.

Institutional Trading of ProShares Short Bitcoin ETF

Several hedge funds and other institutional investors have recently made changes to their positions in BITI. IMC Chicago LLC purchased a new position in ProShares Short Bitcoin ETF during the first quarter valued at $1,611,000. CreativeOne Wealth LLC bought a new stake in ProShares Short Bitcoin ETF in the fourth quarter worth $767,000. HRT Financial LP purchased a new stake in shares of ProShares Short Bitcoin ETF in the fourth quarter worth $247,000. Renaissance Technologies LLC grew its stake in shares of ProShares Short Bitcoin ETF by 87.8% in the fourth quarter. Renaissance Technologies LLC now owns 36,800 shares of the company’s stock worth $853,000 after acquiring an additional 17,200 shares during the last quarter. Finally, Sykon Capital LLC bought a new position in shares of ProShares Short Bitcoin ETF during the fourth quarter valued at $209,000. Hedge funds and other 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.