ProShares Short Bitcoin ETF (NYSEARCA:BITI) Sees Large Decline in Short Interest

ProShares Short Bitcoin ETF (NYSEARCA:BITI) was the target of a large decline in short interest in February. As of February 27th, there was short interest totaling 431,909 shares, a decline of 14.1% from the February 12th total of 502,991 shares. Based on an average daily volume of 2,345,165 shares, the days-to-cover ratio is currently 0.2 days. Approximately 8.1% of the shares of the company are sold short. Approximately 8.1% of the shares of the company are sold short. Based on an average daily volume of 2,345,165 shares, the days-to-cover ratio is currently 0.2 days.

ProShares Short Bitcoin ETF Stock Up 4.6%

Shares of NYSEARCA:BITI opened at $25.48 on Thursday. The company’s 50 day moving average price is $25.48 and its two-hundred day moving average price is $22.22. ProShares Short Bitcoin ETF has a 12-month low of $16.58 and a 12-month high of $30.93. The firm has a market cap of $135.30 million, a PE ratio of -6.32 and a beta of -1.44.

ProShares Short Bitcoin ETF Increases Dividend

The business also recently declared a monthly dividend, which was paid on Friday, March 6th. Investors of record on Monday, March 2nd were paid a $0.953 dividend. This represents a c) annualized dividend and a dividend yield of 44.9%. This is an increase from ProShares Short Bitcoin ETF’s previous monthly dividend of $0.31. The ex-dividend date was Monday, March 2nd. ProShares Short Bitcoin ETF’s dividend payout ratio is presently -39.21%.

Hedge Funds Weigh In On ProShares Short Bitcoin ETF

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BITI. Brookstone Capital Management acquired a new stake in shares of ProShares Short Bitcoin ETF during the 4th quarter worth $673,000. Group One Trading LLC acquired a new stake in ProShares Short Bitcoin ETF during the second quarter worth about $207,000. Sykon Capital LLC bought a new position in ProShares Short Bitcoin ETF in the 4th quarter valued at about $209,000. Advisory Services Network LLC acquired a new position in shares of ProShares Short Bitcoin ETF in the 2nd quarter valued at approximately $779,000. Finally, SIH Partners LLLP acquired a new position in shares of ProShares Short Bitcoin ETF in the 4th quarter valued at approximately $895,000. 30.27% of the stock is owned by institutional investors and hedge funds.

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.