ProShares Bitcoin Strategy ETF (NYSEARCA:BITO) Trading Down 4%

ProShares Bitcoin Strategy ETF (NYSEARCA:BITO) shares traded down 4% during trading on Wednesday . The company traded as low as $26.13 and last traded at $26.37. 8,807,178 shares were traded during trading, a decline of 61% from the average session volume of 22,815,662 shares. The stock had previously closed at $27.46.

ProShares Bitcoin Strategy ETF Stock Performance

The business has a 50 day moving average price of $28.81 and a 200 day moving average price of $22.39.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of BITO. Geneos Wealth Management Inc. bought a new position in ProShares Bitcoin Strategy ETF in the fourth quarter worth approximately $25,000. Harbour Investments Inc. grew its stake in ProShares Bitcoin Strategy ETF by 1,182.5% in the fourth quarter. Harbour Investments Inc. now owns 1,539 shares of the company’s stock worth $32,000 after purchasing an additional 1,419 shares in the last quarter. Benjamin Edwards Inc. bought a new position in ProShares Bitcoin Strategy ETF in the fourth quarter worth approximately $37,000. Valley National Advisers Inc. bought a new position in ProShares Bitcoin Strategy ETF in the fourth quarter worth approximately $40,000. Finally, Qube Research & Technologies Ltd bought a new position in ProShares Bitcoin Strategy ETF in the third quarter worth approximately $50,000.

About ProShares Bitcoin Strategy 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.