Bitwise Crypto Industry Innovators ETF (NYSEARCA:BITQ) Sees Significant Increase in Short Interest

Bitwise Crypto Industry Innovators ETF (NYSEARCA:BITQ) was the recipient of a significant growth in short interest in the month of August. As of August 14th, there was short interest totaling 193,160 shares, a growth of 79.5% from the July 30th total of 107,630 shares. Based on an average daily trading volume, of 69,371 shares, the days-to-cover ratio is currently 2.8 days. Currently, 1.2% of the company’s shares are short sold.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Fifth Third Bancorp increased its stake in Bitwise Crypto Industry Innovators ETF by 88.3% in the first quarter. Fifth Third Bancorp now owns 1,966 shares of the company’s stock valued at $37,000 after purchasing an additional 922 shares in the last quarter. Sankala Group LLC acquired a new position in shares of Bitwise Crypto Industry Innovators ETF in the 4th quarter valued at $60,000. PNC Financial Services Group Inc. grew its holdings in shares of Bitwise Crypto Industry Innovators ETF by 53.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,442 shares of the company’s stock valued at $69,000 after buying an additional 1,202 shares during the period. Kestra Advisory Services LLC bought a new stake in shares of Bitwise Crypto Industry Innovators ETF in the 4th quarter valued at $70,000. Finally, Wells Fargo & Company MN increased its position in shares of Bitwise Crypto Industry Innovators ETF by 863.1% in the 4th quarter. Wells Fargo & Company MN now owns 4,825 shares of the company’s stock valued at $96,000 after buying an additional 4,324 shares in the last quarter.

Bitwise Crypto Industry Innovators ETF Stock Performance

BITQ traded down $1.57 during midday trading on Friday, reaching $24.67. 79,437 shares of the company were exchanged, compared to its average volume of 173,529. The stock has a market capitalization of $413.72 million, a P/E ratio of 27.61 and a beta of 3.14. Bitwise Crypto Industry Innovators ETF has a one year low of $16.65 and a one year high of $31.45. The stock’s 50-day simple moving average is $23.93 and its 200 day simple moving average is $23.42.

Bitwise Crypto Industry Innovators ETF Company Profile

The Bitwise Crypto Industry Innovators ETF (BITQ) is an exchange-traded fund that is based on the Bitwise Crypto Innovators 30 index. The fund is passively managed to track a modified market-cap-weighted index of global companies supporting a crypto-asset-enabled decentralized economy. BITQ was launched on May 11, 2021 and is managed by Bitwise.