ProShares Bitcoin ETF (NYSEARCA:BITO) Shares Gap Down – What’s Next?

ProShares Bitcoin ETF (NYSEARCA:BITO)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $21.81, but opened at $20.66. ProShares Bitcoin ETF shares last traded at $20.09, with a volume of 4,248,935 shares trading hands.

ProShares Bitcoin ETF Trading Down 7.2 %

The stock’s 50 day moving average is $23.71 and its 200 day moving average is $21.74.

Institutional Investors Weigh In On ProShares Bitcoin ETF

A number of institutional investors and hedge funds have recently bought and sold shares of the business. NBT Bank N A NY increased its position in ProShares Bitcoin ETF by 1,090.0% in the 4th quarter. NBT Bank N A NY now owns 1,190 shares of the company’s stock worth $27,000 after purchasing an additional 1,090 shares during the last quarter. Concourse Financial Group Securities Inc. increased its holdings in ProShares Bitcoin ETF by 650.9% in the fourth quarter. Concourse Financial Group Securities Inc. now owns 1,284 shares of the company’s stock worth $29,000 after buying an additional 1,113 shares during the last quarter. LGT Financial Advisors LLC bought a new position in ProShares Bitcoin ETF during the third quarter valued at approximately $28,000. Hantz Financial Services Inc. lifted its stake in ProShares Bitcoin ETF by 408.4% in the third quarter. Hantz Financial Services Inc. now owns 1,459 shares of the company’s stock valued at $28,000 after acquiring an additional 1,172 shares during the last quarter. Finally, Bay Harbor Wealth Management LLC grew its position in ProShares Bitcoin ETF by 152.2% in the fourth quarter. Bay Harbor Wealth Management LLC now owns 1,498 shares of the company’s stock worth $34,000 after acquiring an additional 904 shares in the last quarter.

ProShares Bitcoin ETF Company Profile

The ProShares Bitcoin Strategy ETF (BITO) is an exchange-traded fund that mostly invests in long bitcoin, short usd currency. The fund actively manages a portfolio of front-month CME bitcoin futures. BITO was launched on Oct 18, 2021 and is managed by ProShares.