ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) Stock Price Down 2.6% – Should You Sell?

ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT)’s share price were down 2.6% during mid-day trading on Thursday. The company traded as low as $29.15 and last traded at $29.62. 958,094 shares traded hands during trading, a decline of 30% from the average session volume of 1,360,860 shares. The stock had previously closed at $30.40.

ProShares Ultra Short Bitcoin ETF Stock Up 0.8%

The stock’s fifty day simple moving average is $42.11 and its 200-day simple moving average is $48.95.

Institutional Trading of ProShares Ultra Short Bitcoin ETF

A hedge fund recently bought a new position in ProShares Ultra Short Bitcoin ETF stock. Prosperitas Financial LLC acquired a new stake in ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,900 shares of the company’s stock, valued at approximately $480,000. Prosperitas Financial LLC owned 0.23% of ProShares Ultra Short Bitcoin ETF as of its most recent filing with the Securities and Exchange Commission (SEC).

About ProShares Ultra Short Bitcoin ETF

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.