Short Interest in ProShares Short Bitcoin ETF (NYSEARCA:BITI) Drops By 34.4%

ProShares Short Bitcoin ETF (NYSEARCA:BITI) saw a significant decline in short interest in the month of August. As of August 31st, there was short interest totaling 293,672 shares, a decline of 34.4% from the August 15th total of 447,421 shares. Based on an average trading volume of 2,126,121 shares, the short-interest ratio is presently 0.1 days. Approximately 5.8% of the shares of the company are sold short.

ProShares Short Bitcoin ETF Price Performance

ProShares Short Bitcoin ETF stock traded down $0.13 during mid-day trading on Thursday, reaching $19.38. 445,946 shares of the stock traded hands, compared to its average volume of 1,902,563. ProShares Short Bitcoin ETF has a 12-month low of $16.58 and a 12-month high of $30.93. The business’s 50-day moving average is $22.40 and its 200-day moving average is $24.12. The stock has a market capitalization of $116.28 million, a PE ratio of -4.81 and a beta of -1.43.

Hedge Funds Weigh In On ProShares Short Bitcoin ETF

Institutional investors have recently made changes to their positions in the business. Tucker Asset Management LLC bought a new position in shares of ProShares Short Bitcoin ETF in the second quarter worth about $2,105,000. AXQ Capital LP bought a new stake in shares of ProShares Short Bitcoin ETF during the second quarter valued at approximately $361,000. Finally, IMC Chicago LLC bought a new stake in shares of ProShares Short Bitcoin ETF during the first quarter valued at approximately $1,611,000. Institutional investors own 30.27% of the company’s stock.

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.