Short Interest in ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) Drops By 22.5%

ProShares Ultra Bitcoin ETF (NYSEARCA:BITU) was the target of a significant drop in short interest in the month of December. As of December 31st, there was short interest totaling 2,173,314 shares, a drop of 22.5% from the December 15th total of 2,803,355 shares. Approximately 8.1% of the shares of the stock are sold short. Based on an average trading volume of 4,154,737 shares, the days-to-cover ratio is currently 0.5 days. Based on an average trading volume of 4,154,737 shares, the days-to-cover ratio is currently 0.5 days. Approximately 8.1% of the shares of the stock are sold short.

ProShares Ultra Bitcoin ETF Stock Up 0.5%

NYSEARCA BITU opened at $25.94 on Tuesday. The business has a 50-day moving average price of $28.13 and a 200-day moving average price of $44.98. ProShares Ultra Bitcoin ETF has a twelve month low of $21.55 and a twelve month high of $65.77.

Hedge Funds Weigh In On ProShares Ultra Bitcoin ETF

Several hedge funds have recently modified their holdings of the stock. Q Fund Management Hong Kong Ltd bought a new position in shares of ProShares Ultra Bitcoin ETF during the second quarter worth $15,380,000. NewEdge Advisors LLC lifted its stake in ProShares Ultra Bitcoin ETF by 52.7% in the 3rd quarter. NewEdge Advisors LLC now owns 66,510 shares of the company’s stock worth $3,551,000 after purchasing an additional 22,964 shares in the last quarter. Financial Management Professionals Inc. boosted its holdings in shares of ProShares Ultra Bitcoin ETF by 2.4% during the 2nd quarter. Financial Management Professionals Inc. now owns 63,881 shares of the company’s stock valued at $3,306,000 after purchasing an additional 1,473 shares during the last quarter. Bleakley Financial Group LLC grew its position in shares of ProShares Ultra Bitcoin ETF by 11.9% during the third quarter. Bleakley Financial Group LLC now owns 33,836 shares of the company’s stock valued at $1,807,000 after purchasing an additional 3,591 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of ProShares Ultra Bitcoin ETF by 29.5% in the second quarter. EverSource Wealth Advisors LLC now owns 25,007 shares of the company’s stock worth $1,294,000 after purchasing an additional 5,692 shares during the last quarter.

About ProShares Ultra Bitcoin ETF

The ProShares UltraBitcoin ETF (BITU) 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 leveraged exposure to Bitcoin. BITU was launched on Apr 2, 2024 and is issued by ProShares.