ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) Shares Up 0.8% – Time to Buy?

ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT)’s share price shot up 0.8% during mid-day trading on Thursday . The stock traded as high as $41.25 and last traded at $39.83. 2,312,908 shares traded hands during mid-day trading, an increase of 34% from the average session volume of 1,724,978 shares. The stock had previously closed at $39.50.

ProShares Ultra Short Bitcoin ETF Stock Up 0.8%

The firm’s 50 day moving average price is $34.21 and its 200-day moving average price is $32.70.

Institutional Trading of ProShares Ultra Short Bitcoin ETF

Several institutional investors have recently added to or reduced their stakes in SBIT. Flow Traders U.S. LLC bought a new stake in shares of ProShares Ultra Short Bitcoin ETF in the 1st quarter worth $753,000. Global Trust Asset Management LLC boosted its position in shares of ProShares Ultra Short Bitcoin ETF by 400.0% during the third quarter. Global Trust Asset Management LLC now owns 1,500 shares of the company’s stock valued at $44,000 after buying an additional 1,200 shares during the last quarter. Hudson Capital Management LLC purchased a new stake in shares of ProShares Ultra Short Bitcoin ETF during the third quarter valued at $317,000. Finally, Jump Financial LLC increased its holdings in ProShares Ultra Short Bitcoin ETF by 239.5% in the 1st quarter. Jump Financial LLC now owns 73,805 shares of the company’s stock worth $967,000 after buying an additional 52,067 shares in the last quarter.

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.