ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) Stock Price Up 0.7% – Should You Buy?

Shares of ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) rose 0.7% during mid-day trading on Wednesday . The company traded as high as $35.94 and last traded at $35.74. Approximately 643,772 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 1,380,104 shares. The stock had previously closed at $35.49.

ProShares Ultra Short Bitcoin ETF Trading Down 0.5%

The company’s 50 day moving average is $50.23 and its 200-day moving average is $51.80.

Hedge Funds Weigh In On ProShares Ultra Short Bitcoin ETF

Hedge funds and other institutional investors have recently modified their holdings of the company. StoneX Group Inc. acquired a new position in ProShares Ultra Short Bitcoin ETF during the fourth quarter valued at approximately $226,000. XTX Topco Ltd acquired a new stake in shares of ProShares Ultra Short Bitcoin ETF in the fourth quarter worth $247,000. Prosperitas Financial LLC bought a new stake in shares of ProShares Ultra Short Bitcoin ETF during the 2nd quarter worth $480,000. Group One Trading LLC boosted its holdings in shares of ProShares Ultra Short Bitcoin ETF by 4,555.3% during the 1st quarter. Group One Trading LLC now owns 10,940 shares of the company’s stock worth $623,000 after buying an additional 10,705 shares during the period. Finally, Jump Financial LLC grew its stake in ProShares Ultra Short Bitcoin ETF by 161.1% in the 4th quarter. Jump Financial LLC now owns 27,071 shares of the company’s stock valued at $1,189,000 after buying an additional 16,703 shares during the last quarter.

ProShares Ultra Short Bitcoin ETF Company Profile

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.