ProShares Bitcoin ETF (NYSEARCA:BITO) Reaches New 12-Month Low – What’s Next?

Shares of ProShares Bitcoin ETF (NYSEARCA:BITO) reached a new 52-week low on Wednesday . The company traded as low as $14.05 and last traded at $14.0010, with a volume of 8096280 shares trading hands. The stock had previously closed at $14.52.

ProShares Bitcoin ETF Stock Performance

The company has a 50-day simple moving average of $18.33 and a two-hundred day simple moving average of $20.30.

Institutional Investors Weigh In On ProShares Bitcoin ETF

A number of large investors have recently added to or reduced their stakes in BITO. Interchange Capital Partners LLC raised its stake in ProShares Bitcoin ETF by 3.2% in the second quarter. Interchange Capital Partners LLC now owns 14,658 shares of the company’s stock valued at $315,000 after purchasing an additional 455 shares in the last quarter. ST Germain D J Co. Inc. increased its holdings in ProShares Bitcoin ETF by 55.4% in the 3rd quarter. ST Germain D J Co. Inc. now owns 1,462 shares of the company’s stock valued at $29,000 after buying an additional 521 shares during the period. Blair William & Co. IL raised its position in shares of ProShares Bitcoin ETF by 6.3% in the 1st quarter. Blair William & Co. IL now owns 9,280 shares of the company’s stock valued at $170,000 after buying an additional 547 shares in the last quarter. Cedar Mountain Advisors LLC lifted its holdings in shares of ProShares Bitcoin ETF by 43.7% during the 2nd quarter. Cedar Mountain Advisors LLC now owns 1,801 shares of the company’s stock worth $39,000 after acquiring an additional 548 shares during the period. Finally, Geneos Wealth Management Inc. boosted its position in shares of ProShares Bitcoin ETF by 10.3% during the 1st quarter. Geneos Wealth Management Inc. now owns 6,039 shares of the company’s stock worth $111,000 after acquiring an additional 565 shares in 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.