ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) Shares Down 1.5% – Should You Sell?

ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) shares dropped 1.5% during trading on Wednesday . The company traded as low as $54.41 and last traded at $56.12. Approximately 986,872 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 2,220,242 shares. The stock had previously closed at $56.97.

ProShares Ultra Short Bitcoin ETF Stock Performance

The firm’s 50 day moving average price is $55.99 and its two-hundred day moving average price is $43.24.

ProShares Ultra Short Bitcoin ETF Increases Dividend

The firm also recently declared a monthly dividend, which was paid on Friday, March 6th. Shareholders of record on Monday, March 2nd were given a dividend of $1.1096 per share. This represents a c) dividend on an annualized basis and a yield of 23.7%. This is a boost from ProShares Ultra Short Bitcoin ETF’s previous monthly dividend of $0.34. The ex-dividend date of this dividend was Monday, March 2nd.

Institutional Trading of ProShares Ultra Short Bitcoin ETF

A number of hedge funds have recently made changes to their positions in SBIT. XTX Topco Ltd acquired a new position in shares of ProShares Ultra Short Bitcoin ETF during the 4th quarter worth approximately $247,000. Global Trust Asset Management LLC lifted its holdings in ProShares Ultra Short Bitcoin ETF by 400.0% during the 3rd quarter. Global Trust Asset Management LLC now owns 1,500 shares of the company’s stock valued at $44,000 after purchasing an additional 1,200 shares during the last quarter. IMC Chicago LLC acquired a new stake in ProShares Ultra Short Bitcoin ETF during the 4th quarter valued at $1,182,000. Client First Investment Management LLC bought a new position in ProShares Ultra Short Bitcoin ETF during the fourth quarter worth $4,278,000. Finally, Simplex Trading LLC acquired a new position in shares of ProShares Ultra Short Bitcoin ETF in the fourth quarter valued at $2,368,000.

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.