ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) Trading Up 9.9% – Should You Buy?

ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT)’s stock price were up 9.9% during mid-day trading on Monday . The company traded as high as $69.78 and last traded at $68.71. Approximately 1,503,345 shares traded hands during mid-day trading, a decline of 42% from the average daily volume of 2,596,728 shares. The stock had previously closed at $62.54.

ProShares Ultra Short Bitcoin ETF Stock Performance

The firm’s 50 day moving average is $48.23 and its 200-day moving average is $38.45.

ProShares Ultra Short Bitcoin ETF Increases Dividend

The firm also recently disclosed a monthly dividend, which was paid on Friday, February 6th. Stockholders of record on Monday, February 2nd were issued a dividend of $0.3408 per share. This represents a c) annualized dividend and a dividend yield of 6.0%. This is a positive change from ProShares Ultra Short Bitcoin ETF’s previous monthly dividend of $0.01. The ex-dividend date was Monday, February 2nd.

Institutional Trading of ProShares Ultra Short Bitcoin ETF

A number of hedge funds have recently added to or reduced their stakes in the business. Global Trust Asset Management LLC increased its stake in shares of 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 acquiring an additional 1,200 shares during the last quarter. Canton Hathaway LLC purchased a new stake in ProShares Ultra Short Bitcoin ETF in the fourth quarter valued at approximately $86,000. StoneX Group Inc. purchased a new position in ProShares Ultra Short Bitcoin ETF during the fourth quarter worth approximately $226,000. XTX Topco Ltd acquired a new position in shares of ProShares Ultra Short Bitcoin ETF in the 4th quarter valued at $247,000. Finally, Hudson Capital Management LLC purchased a new stake in shares of ProShares Ultra Short Bitcoin ETF during the 3rd quarter valued at $317,000.

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.