ProShares Bitcoin ETF (NYSEARCA:BITO) Shares Gap Down – Here’s Why

ProShares Bitcoin ETF (NYSEARCA:BITO)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $24.25, but opened at $23.37. ProShares Bitcoin ETF shares last traded at $23.28, with a volume of 2,117,078 shares traded.

ProShares Bitcoin ETF Trading Down 3.3 %

The stock’s fifty day simple moving average is $23.27 and its 200-day simple moving average is $21.39.

Institutional Investors Weigh In On ProShares Bitcoin ETF

Hedge funds have recently modified their holdings of the business. Hexagon Capital Partners LLC increased its position in ProShares Bitcoin ETF by 1,200.0% during the third quarter. Hexagon Capital Partners LLC now owns 1,300 shares of the company’s stock worth $25,000 after acquiring an additional 1,200 shares during the period. LGT Financial Advisors LLC bought a new position in shares of ProShares Bitcoin ETF during the 3rd quarter worth about $28,000. Hantz Financial Services Inc. increased its holdings in shares of ProShares Bitcoin ETF by 408.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 1,459 shares of the company’s stock worth $28,000 after purchasing an additional 1,172 shares during the period. Venturi Wealth Management LLC acquired a new position in shares of ProShares Bitcoin ETF during the third quarter valued at about $29,000. Finally, Cedar Mountain Advisors LLC lifted its stake in shares of ProShares Bitcoin ETF by 57.8% in the third quarter. Cedar Mountain Advisors LLC now owns 1,769 shares of the company’s stock valued at $34,000 after buying an additional 648 shares during the period.

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.