ProShares Bitcoin ETF (NYSEARCA:BITO) Sees Large Volume Increase – Should You Buy?

ProShares Bitcoin ETF (NYSEARCA:BITO) shares saw an uptick in trading volume on Monday . 181,679,871 shares changed hands during mid-day trading, an increase of 42% from the previous session’s volume of 128,118,930 shares.The stock last traded at $8.61 and had previously closed at $8.34.

ProShares Bitcoin ETF Price Performance

The company’s 50-day moving average is $9.51 and its two-hundred day moving average is $10.28.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Goldman Sachs Group Inc. grew its holdings in shares of ProShares Bitcoin ETF by 120.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 6,761,837 shares of the company’s stock valued at $82,224,000 after acquiring an additional 3,700,000 shares in the last quarter. Acorns Advisers LLC boosted its position in ProShares Bitcoin ETF by 37.1% in the fourth quarter. Acorns Advisers LLC now owns 6,274,599 shares of the company’s stock worth $76,299,000 after purchasing an additional 1,698,373 shares during the last quarter. Tidal Investments LLC boosted its position in ProShares Bitcoin ETF by 139.3% in the third quarter. Tidal Investments LLC now owns 912,135 shares of the company’s stock worth $17,165,000 after purchasing an additional 530,987 shares during the last quarter. Group One Trading LLC bought a new position in ProShares Bitcoin ETF in the 4th quarter valued at $4,903,000. Finally, HighTower Advisors LLC grew its stake in ProShares Bitcoin ETF by 1,197.5% in the 4th quarter. HighTower Advisors LLC now owns 396,126 shares of the company’s stock valued at $4,817,000 after purchasing an additional 365,596 shares during the period.

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.