ProShares Short Bitcoin ETF (NYSEARCA:BITI) Stock Price Up 0.9% – Time to Buy?

ProShares Short Bitcoin ETF (NYSEARCA:BITI)’s stock price shot up 0.9% on Thursday . The company traded as high as $23.86 and last traded at $23.78. Approximately 1,431,360 shares traded hands during trading, a decline of 28% from the average session volume of 1,982,201 shares. The stock had previously closed at $23.57.

ProShares Short Bitcoin ETF Trading Down 1.0%

The stock’s 50-day moving average price is $25.98 and its 200-day moving average price is $25.25. The company has a market capitalization of $119.16 million, a P/E ratio of -5.84 and a beta of -1.41.

Hedge Funds Weigh In On ProShares Short Bitcoin ETF

Several institutional investors have recently made changes to their positions in BITI. Quadrature Capital Ltd acquired a new stake in ProShares Short Bitcoin ETF in the fourth quarter worth $2,505,000. IMC Chicago LLC bought a new position in shares of ProShares Short Bitcoin ETF during the first quarter worth about $1,611,000. Advisory Services Network LLC bought a new position in shares of ProShares Short Bitcoin ETF during the second quarter worth about $779,000. SIH Partners LLLP acquired a new stake in shares of ProShares Short Bitcoin ETF in the 4th quarter worth about $895,000. Finally, CreativeOne Wealth LLC acquired a new stake in shares of ProShares Short Bitcoin ETF in the 4th quarter worth about $767,000. 30.27% of the stock is owned by 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.