ProShares Bitcoin ETF (NYSEARCA:BITO) Hits New 52-Week Low – What’s Next?

Shares of ProShares Bitcoin ETF (NYSEARCA:BITO) reached a new 52-week low during trading on Thursday . The stock traded as low as $15.36 and last traded at $15.3790, with a volume of 27251934 shares trading hands. The stock had previously closed at $15.89.

ProShares Bitcoin ETF Stock Performance

The company’s 50-day simple moving average is $18.69 and its 200 day simple moving average is $20.46.

Hedge Funds Weigh In On ProShares Bitcoin ETF

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Cerity Partners LLC bought a new position in shares of ProShares Bitcoin ETF during the 1st quarter valued at approximately $287,000. CWM LLC boosted its stake in ProShares Bitcoin ETF by 30.0% during the first quarter. CWM LLC now owns 5,604 shares of the company’s stock worth $103,000 after buying an additional 1,294 shares during the period. Independent Wealth Network Inc. bought a new position in ProShares Bitcoin ETF during the first quarter valued at $221,000. Migdal Insurance & Financial Holdings Ltd. increased its position in ProShares Bitcoin ETF by 1,793.7% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,689 shares of the company’s stock valued at $49,000 after acquiring an additional 2,547 shares during the last quarter. Finally, Triumph Capital Management raised its stake in shares of ProShares Bitcoin ETF by 19.5% in the first quarter. Triumph Capital Management now owns 35,223 shares of the company’s stock valued at $645,000 after acquiring an additional 5,756 shares during the period.

About ProShares Bitcoin ETF

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.