ProShares Bitcoin ETF (NYSEARCA:BITO) Trading Up 4.9% – Should You Buy?

ProShares Bitcoin ETF (NYSEARCA:BITO)’s stock price shot up 4.9% during mid-day trading on Friday . The stock traded as high as $10.81 and last traded at $10.7850. Approximately 9,810,799 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 138,743,938 shares. The stock had previously closed at $10.28.

ProShares Bitcoin ETF Trading Up 5.9%

The firm’s 50 day moving average is $9.46 and its 200 day moving average is $9.57.

Institutional Trading of ProShares Bitcoin ETF

Hedge funds have recently bought and sold shares of the stock. HighTower Advisors LLC boosted its holdings in ProShares Bitcoin ETF by 371.3% during the second quarter. HighTower Advisors LLC now owns 421,623 shares of the company’s stock valued at $3,365,000 after purchasing an additional 332,162 shares in the last quarter. IMC Chicago LLC acquired a new position in ProShares Bitcoin ETF in the second quarter valued at about $10,223,000. Fielder Capital Group LLC lifted its position in ProShares Bitcoin ETF by 0.4% in the 2nd quarter. Fielder Capital Group LLC now owns 626,960 shares of the company’s stock valued at $5,003,000 after acquiring an additional 2,347 shares in the last quarter. LFG Wealth Partners LLC acquired a new stake in shares of ProShares Bitcoin ETF in the 1st quarter valued at approximately $667,000. Finally, McIlrath & Eck LLC grew its position in shares of ProShares Bitcoin ETF by 174.0% during the 1st quarter. McIlrath & Eck LLC now owns 43,159 shares of the company’s stock worth $402,000 after purchasing an additional 27,405 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.