ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) Sees Large Growth in Short Interest

ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) was the target of a large growth in short interest in July. As of July 15th, there was short interest totaling 177,036 shares, a growth of 153.4% from the June 30th total of 69,877 shares. Based on an average daily trading volume, of 663,264 shares, the short-interest ratio is presently 0.3 days. Currently, 6.2% of the company’s stock are sold short.

ProShares Ultra Short Bitcoin ETF Stock Down 2.2%

SBIT stock traded down $1.27 during trading on Monday, reaching $55.61. 414,201 shares of the stock were exchanged, compared to its average volume of 1,493,191. The firm’s 50 day moving average is $56.88 and its 200 day moving average is $52.48. ProShares Ultra Short Bitcoin ETF has a twelve month low of $23.60 and a twelve month high of $76.51.

Hedge Funds Weigh In On ProShares Ultra Short Bitcoin ETF

A number of institutional investors have recently modified their holdings of SBIT. Canton Hathaway LLC bought a new position in shares of ProShares Ultra Short Bitcoin ETF in the 4th quarter worth $86,000. StoneX Group Inc. acquired a new stake in ProShares Ultra Short Bitcoin ETF in the 4th quarter valued at $226,000. XTX Topco Ltd bought a new stake in ProShares Ultra Short Bitcoin ETF during the 4th quarter valued at $247,000. Group One Trading LLC increased its stake in 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 valued at $623,000 after purchasing an additional 10,705 shares in the last quarter. Finally, IMC Chicago LLC acquired a new position in ProShares Ultra Short Bitcoin ETF during the fourth quarter worth $1,182,000.

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.