ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) Trading Up 1.7% – Should You Buy?

ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT)’s stock price traded up 1.7% during trading on Thursday . The company traded as high as $41.92 and last traded at $41.07. 1,594,466 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 2,373,457 shares. The stock had previously closed at $40.38.

ProShares Ultra Short Bitcoin ETF Trading Up 1.7%

The company has a 50 day simple moving average of $41.99 and a 200-day simple moving average of $34.12.

Institutional Trading of ProShares Ultra Short Bitcoin ETF

Several institutional investors have recently added to or reduced their stakes in SBIT. Hudson Capital Management LLC bought a new position in shares of ProShares Ultra Short Bitcoin ETF in the 3rd quarter worth about $317,000. Canton Hathaway LLC bought a new stake in shares of ProShares Ultra Short Bitcoin ETF during the 4th quarter valued at about $86,000. Finally, Global Trust Asset Management LLC raised its stake in 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 worth $44,000 after acquiring an additional 1,200 shares during the period.

ProShares Ultra Short Bitcoin ETF Company Profile

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.