ProShares Short Bitcoin ETF (NYSEARCA:BITI) Stock Price Up 1.1% – Here’s Why

ProShares Short Bitcoin ETF (NYSEARCA:BITI) traded up 1.1% during mid-day trading on Monday . The company traded as high as $23.06 and last traded at $22.94. 1,297,359 shares traded hands during mid-day trading, a decline of 46% from the average session volume of 2,423,864 shares. The stock had previously closed at $22.68.

ProShares Short Bitcoin ETF Stock Up 1.1%

The company’s 50-day simple moving average is $25.71 and its 200 day simple moving average is $23.53. The company has a market capitalization of $173.66 million, a P/E ratio of -5.69 and a beta of -1.46.

Institutional Investors Weigh In On ProShares Short Bitcoin ETF

A number of large investors have recently bought and sold shares of the business. Federation des caisses Desjardins du Quebec raised its holdings in ProShares Short Bitcoin ETF by 1,250.0% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 2,700 shares of the company’s stock valued at $63,000 after buying an additional 2,500 shares in the last quarter. Simplex Trading LLC bought a new stake in shares of ProShares Short Bitcoin ETF during the 4th quarter worth about $163,000. Jump Financial LLC bought a new stake in shares of ProShares Short Bitcoin ETF during the 4th quarter worth about $200,000. Group One Trading LLC acquired a new position in shares of ProShares Short Bitcoin ETF during the 2nd quarter valued at about $207,000. Finally, Sykon Capital LLC acquired a new position in shares of ProShares Short Bitcoin ETF during the 4th quarter valued at about $209,000. 30.27% of the stock is currently owned by institutional investors.

About ProShares Short Bitcoin ETF

The ProShares Trust – ProShares Short Bitcoin Strategy ETF (BITI) is an exchange-traded fund that is based on the S&P CME Bitcoin Futures index. The fund tracks the inverse daily price movements of an index of front-month CME bitcoin futures. It aims to profit from the price decline of bitcoin. BITI was launched on Jun 21, 2022 and is managed by ProShares.