ProShares Short Bitcoin ETF (NYSEARCA:BITI) Trading 2.5% Higher – Still a Buy?

ProShares Short Bitcoin ETF (NYSEARCA:BITI)’s stock price traded up 2.5% during trading on Wednesday . The stock traded as high as $26.28 and last traded at $25.97. Approximately 749,387 shares changed hands during trading, a decline of 65% from the average session volume of 2,144,050 shares. The stock had previously closed at $25.34.

ProShares Short Bitcoin ETF Price Performance

The company has a market cap of $105.71 million, a price-to-earnings ratio of -6.28 and a beta of -1.42. The firm’s 50 day simple moving average is $25.06 and its 200-day simple moving average is $24.92.

Institutional Trading of ProShares Short Bitcoin ETF

Several institutional investors and hedge funds have recently made changes to their positions in BITI. Brookstone Capital Management purchased a new stake in ProShares Short Bitcoin ETF in the fourth quarter valued at approximately $673,000. SIH Partners LLLP acquired a new position in shares of ProShares Short Bitcoin ETF in the 4th quarter valued at $895,000. CreativeOne Wealth LLC acquired a new position in shares of ProShares Short Bitcoin ETF in the 4th quarter valued at $767,000. HRT Financial LP purchased a new stake in ProShares Short Bitcoin ETF in the 4th quarter valued at $247,000. Finally, Renaissance Technologies LLC raised its position in ProShares Short Bitcoin ETF by 87.8% in the 4th quarter. Renaissance Technologies LLC now owns 36,800 shares of the company’s stock valued at $853,000 after purchasing an additional 17,200 shares during the last quarter. 30.27% of the stock is owned by hedge funds and other institutional investors.

ProShares Short Bitcoin ETF Company Profile

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.