ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) Shares Shorted: Short Interest Down 51.6% in October

ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) was the target of a large decline in short interest during the month of October. As of October 15th, there was short interest totaling 91,581 shares, a decline of 51.6% from the September 30th total of 189,349 shares. Approximately 2.6% of the shares of the stock are short sold. Based on an average daily volume of 1,579,333 shares, the short-interest ratio is presently 0.1 days.

ProShares Ultra Short Bitcoin ETF Price Performance

Shares of SBIT stock traded up $3.31 during trading hours on Friday, reaching $35.67. The company had a trading volume of 1,351,245 shares, compared to its average volume of 1,352,166. ProShares Ultra Short Bitcoin ETF has a 12-month low of $27.82 and a 12-month high of $76.51. The stock has a fifty day moving average of $32.91 and a 200-day moving average of $48.15.

Hedge Funds Weigh In On ProShares Ultra Short Bitcoin ETF

An institutional investor recently bought a new stake in ProShares Ultra Short Bitcoin ETF stock. Prosperitas Financial LLC purchased a new position in shares of ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 6,900 shares of the company’s stock, valued at approximately $480,000. Prosperitas Financial LLC owned 0.23% of ProShares Ultra Short Bitcoin ETF as of its most recent SEC filing.

About ProShares Ultra Short Bitcoin ETF

The ProShares UltraShort Bitcoin ETF (SBIT) is an exchange-traded fund that is based on the Bloomberg Bitcoin index. The fund tracks -2x the daily price movements of an index that measures the price of Bitcoin. The fund uses swaps to provide inverse exposure to Bitcoin. SBIT was launched on Apr 2, 2024 and is issued by ProShares.