ProShares Bitcoin ETF (NYSEARCA:BITO) Stock Price Down 6.4% – What’s Next?

ProShares Bitcoin ETF (NYSEARCA:BITO) dropped 6.4% on Monday . The stock traded as low as $16.48 and last traded at $17.14. Approximately 3,704,019 shares were traded during trading, a decline of 61% from the average daily volume of 9,475,498 shares. The stock had previously closed at $18.31.

ProShares Bitcoin ETF Stock Up 7.5 %

The stock has a fifty day moving average price of $20.21 and a 200-day moving average price of $21.73.

Institutional Investors Weigh In On ProShares Bitcoin ETF

Hedge funds have recently bought and sold shares of the business. NBT Bank N A NY lifted its position in ProShares Bitcoin ETF by 1,090.0% in the 4th quarter. NBT Bank N A NY now owns 1,190 shares of the company’s stock worth $27,000 after buying an additional 1,090 shares in the last quarter. Concourse Financial Group Securities Inc. raised its holdings in shares of ProShares Bitcoin ETF by 650.9% during the fourth quarter. Concourse Financial Group Securities Inc. now owns 1,284 shares of the company’s stock worth $29,000 after acquiring an additional 1,113 shares in the last quarter. Bay Harbor Wealth Management LLC raised its holdings in shares of ProShares Bitcoin ETF by 152.2% during the fourth quarter. Bay Harbor Wealth Management LLC now owns 1,498 shares of the company’s stock worth $34,000 after acquiring an additional 904 shares in the last quarter. CoreCap Advisors LLC acquired a new stake in ProShares Bitcoin ETF during the fourth quarter valued at $34,000. Finally, BOKF NA purchased a new position in ProShares Bitcoin ETF in the fourth quarter valued at about $35,000.

ProShares Bitcoin ETF Company Profile

The ProShares Bitcoin Strategy ETF (BITO) is an exchange-traded fund that mostly invests in long bitcoin, short usd currency. The fund actively manages a portfolio of front-month CME bitcoin futures. BITO was launched on Oct 18, 2021 and is managed by ProShares.