ProShares Short Bitcoin ETF Shares to Reverse Split on Thursday, November 19th (NYSEARCA:BITI)

ProShares Short Bitcoin ETF (NYSEARCA:BITI) shares are set to reverse split on the morning of Thursday, November 19th. The 1-2 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Wednesday, November 18th.

ProShares Short Bitcoin ETF Stock Performance

Shares of BITI stock traded down $0.54 on Wednesday, hitting $18.27. 1,994,733 shares of the stock traded hands, compared to its average volume of 1,822,275. The stock has a market capitalization of $74.36 million, a PE ratio of -4.53 and a beta of -1.44. The firm’s 50-day moving average price is $18.27 and its two-hundred day moving average price is $23.32. ProShares Short Bitcoin ETF has a twelve month low of $16.86 and a twelve month high of $30.93.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Tucker Asset Management LLC increased its stake in ProShares Short Bitcoin ETF by 13.0% during the third quarter. Tucker Asset Management LLC now owns 81,966 shares of the company’s stock worth $1,445,000 after acquiring an additional 9,441 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new position in shares of ProShares Short Bitcoin ETF in the 3rd quarter valued at $1,111,000. AXQ Capital LP purchased a new position in shares of ProShares Short Bitcoin ETF during the 2nd quarter worth $361,000. Finally, IMC Chicago LLC purchased a new position in shares of ProShares Short Bitcoin ETF during the 1st quarter worth $1,611,000. 30.27% of the stock is currently owned by hedge funds and other institutional investors.

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.