ProShares Bitcoin ETF (NYSEARCA:BITO) Hits New 52-Week Low – Here’s Why

ProShares Bitcoin ETF (NYSEARCA:BITO) shares hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $12.13 and last traded at $12.0750, with a volume of 1068933 shares changing hands. The stock had previously closed at $12.92.

ProShares Bitcoin ETF Stock Performance

The firm’s 50-day simple moving average is $15.19 and its 200-day simple moving average is $18.82.

Institutional Investors Weigh In On ProShares Bitcoin ETF

A number of large investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its holdings in shares of ProShares Bitcoin ETF by 152.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,168,833 shares of the company’s stock worth $149,653,000 after purchasing an additional 4,939,205 shares in the last quarter. Acorns Advisers LLC lifted its position in ProShares Bitcoin ETF by 16.5% in the 3rd quarter. Acorns Advisers LLC now owns 4,576,226 shares of the company’s stock worth $90,060,000 after buying an additional 647,924 shares during the last quarter. Tidal Investments LLC lifted its position in ProShares Bitcoin ETF by 139.3% in the 3rd quarter. Tidal Investments LLC now owns 912,135 shares of the company’s stock worth $17,165,000 after buying an additional 530,987 shares during the last quarter. RK Capital Management LLC FL boosted its stake in ProShares Bitcoin ETF by 374.5% in the second quarter. RK Capital Management LLC FL now owns 833,600 shares of the company’s stock worth $17,931,000 after buying an additional 657,910 shares in the last quarter. Finally, Faithward Advisors LLC grew its position in ProShares Bitcoin ETF by 3.0% during the second quarter. Faithward Advisors LLC now owns 785,517 shares of the company’s stock valued at $16,896,000 after acquiring an additional 23,237 shares during the last quarter.

About ProShares Bitcoin ETF

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.