ProShares Bitcoin ETF (NYSEARCA:BITO) Shares Gap Up – Still a Buy?

Shares of ProShares Bitcoin ETF (NYSEARCA:BITO) gapped up before the market opened on Thursday . The stock had previously closed at $9.25, but opened at $9.71. ProShares Bitcoin ETF shares last traded at $9.80, with a volume of 82,091,694 shares traded.

ProShares Bitcoin ETF Stock Up 6.4%

The firm’s fifty day moving average price is $8.61 and its 200 day moving average price is $9.43.

Institutional Trading of ProShares Bitcoin ETF

A number of large investors have recently made changes to their positions in BITO. IMC Chicago LLC acquired a new stake in shares of ProShares Bitcoin ETF during the 2nd quarter worth about $10,223,000. Fielder Capital Group LLC increased its stake in ProShares Bitcoin ETF by 0.4% in the second quarter. Fielder Capital Group LLC now owns 626,960 shares of the company’s stock valued at $5,003,000 after purchasing an additional 2,347 shares during the last quarter. LFG Wealth Partners LLC acquired a new stake in ProShares Bitcoin ETF during the first quarter worth approximately $667,000. McIlrath & Eck LLC raised its holdings in ProShares Bitcoin ETF by 174.0% during the first quarter. McIlrath & Eck LLC now owns 43,159 shares of the company’s stock worth $402,000 after purchasing an additional 27,405 shares in the last quarter. Finally, Paragon Private Wealth Management LLC lifted its position in shares of ProShares Bitcoin ETF by 14.2% during the 1st quarter. Paragon Private Wealth Management LLC now owns 19,264 shares of the company’s stock worth $179,000 after buying an additional 2,388 shares during the last quarter.

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.