ProShares Short Bitcoin ETF (NYSEARCA:BITI) Shares Down 4.3% – Here’s Why

ProShares Short Bitcoin ETF (NYSEARCA:BITI) traded down 4.3% during mid-day trading on Tuesday . The company traded as low as $6.34 and last traded at $6.45. 24,051,012 shares were traded during trading, an increase of 203% from the average session volume of 7,933,163 shares. The stock had previously closed at $6.74.

ProShares Short Bitcoin ETF Trading Up 2.8 %

The business’s 50-day moving average is $7.60 and its 200-day moving average is $7.84.

ProShares Short Bitcoin ETF’s stock is set to reverse split on the morning of Thursday, November 7th. The 1-5 reverse split was announced on Monday, October 28th. The number of shares owned by shareholders will be adjusted after the closing bell on Wednesday, November 6th.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. HAP Trading LLC acquired a new position in shares of ProShares Short Bitcoin ETF during the 1st quarter worth about $228,000. Headlands Technologies LLC grew its stake in ProShares Short Bitcoin ETF by 2,694.5% during the 2nd quarter. Headlands Technologies LLC now owns 36,748 shares of the company’s stock valued at $311,000 after acquiring an additional 35,433 shares in the last quarter. AFG Fiduciary Services Limited Partnership grew its stake in ProShares Short Bitcoin ETF by 47.7% during the 2nd quarter. AFG Fiduciary Services Limited Partnership now owns 252,794 shares of the company’s stock valued at $2,139,000 after acquiring an additional 81,643 shares in the last quarter. Finally, Advisory Services Network LLC purchased a new stake in ProShares Short Bitcoin ETF during the 1st quarter valued at about $3,856,000.

ProShares Short Bitcoin ETF Company Profile

The ProShares Trust – ProShares Short Bitcoin Strategy ETF (BITI) is an exchange-traded fund that is based on the S&P CME Bitcoin Futures index. The fund tracks the inverse daily price movements of an index of front-month CME bitcoin futures. It aims to profit from the price decline of bitcoin. BITI was launched on Jun 21, 2022 and is managed by ProShares.