ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) Share Price Break Above 50-Day Moving Average – What’s Next?

ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) shares passed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $32.91 and traded as high as $36.17. ProShares Ultra Short Bitcoin ETF shares last traded at $35.67, with a volume of 1,351,245 shares trading hands.

ProShares Ultra Short Bitcoin ETF Trading Up 10.2%

The business has a 50 day simple moving average of $32.91 and a two-hundred day simple moving average of $48.15.

Institutional Trading of ProShares Ultra Short Bitcoin ETF

An institutional investor recently raised its position in ProShares Ultra Short Bitcoin ETF stock. Group One Trading LLC lifted its stake in shares of ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) by 4,555.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,940 shares of the company’s stock after buying an additional 10,705 shares during the quarter. Group One Trading LLC owned approximately 0.26% of ProShares Ultra Short Bitcoin ETF worth $623,000 as of its most recent filing with the Securities and Exchange Commission.

ProShares Ultra Short Bitcoin ETF Company Profile

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.