ProShares Short Bitcoin ETF (NYSEARCA:BITI – Get Free Report) was the target of a significant growth in short interest in the month of September. As of September 15th, there was short interest totaling 463,190 shares, a growth of 57.7% from the August 31st total of 293,672 shares. Currently, 7.9% of the company’s stock are sold short. Based on an average daily trading volume, of 1,306,234 shares, the days-to-cover ratio is currently 0.4 days.
ProShares Short Bitcoin ETF Stock Down 0.3%
Shares of NYSEARCA:BITI traded down $0.06 during midday trading on Wednesday, reaching $17.57. The company’s stock had a trading volume of 1,190,139 shares, compared to its average volume of 1,898,753. The firm has a 50 day moving average of $21.06 and a 200-day moving average of $23.57. The firm has a market capitalization of $86.64 million, a P/E ratio of -4.36 and a beta of -1.43. ProShares Short Bitcoin ETF has a 12-month low of $16.58 and a 12-month high of $30.93.
Institutional Investors Weigh In On ProShares Short Bitcoin ETF
Several hedge funds have recently bought and sold shares of the business. Tucker Asset Management LLC purchased a new position in shares of ProShares Short Bitcoin ETF during the second quarter valued at approximately $2,105,000. AXQ Capital LP bought a new stake in shares of ProShares Short Bitcoin ETF in the 2nd quarter worth approximately $361,000. Finally, IMC Chicago LLC purchased a new stake in shares of ProShares Short Bitcoin ETF in the 1st quarter worth approximately $1,611,000. 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.
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