ProShares Bitcoin ETF (NYSEARCA:BITO) Sees Significant Growth in Short Interest

ProShares Bitcoin ETF (NYSEARCA:BITO) was the recipient of a large growth in short interest in the month of February. As of February 27th, there was short interest totaling 18,191,389 shares, a growth of 39.5% from the February 12th total of 13,036,900 shares. Approximately 8.6% of the company’s shares are short sold. Based on an average daily trading volume, of 80,601,563 shares, the days-to-cover ratio is presently 0.2 days. Based on an average daily trading volume, of 80,601,563 shares, the days-to-cover ratio is presently 0.2 days. Approximately 8.6% of the company’s shares are short sold.

ProShares Bitcoin ETF Trading Up 1.0%

Shares of BITO stock traded up $0.10 on Friday, hitting $9.80. The company had a trading volume of 131,051,321 shares, compared to its average volume of 80,998,289. The stock’s 50-day moving average is $10.78 and its two-hundred day moving average is $14.60. ProShares Bitcoin ETF has a twelve month low of $8.61 and a twelve month high of $23.63.

ProShares Bitcoin ETF Increases Dividend

The company also recently announced a monthly dividend, which was paid on Friday, March 6th. Shareholders of record on Monday, March 2nd were given a dividend of $0.0143 per share. The ex-dividend date of this dividend was Monday, March 2nd. This represents a c) dividend on an annualized basis and a yield of 1.7%. This is a boost from ProShares Bitcoin ETF’s previous monthly dividend of $0.01.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BITO. Kelleher Financial Advisors bought a new stake in shares of ProShares Bitcoin ETF in the 3rd quarter valued at $26,000. PNC Financial Services Group Inc. bought a new position in ProShares Bitcoin ETF during the second quarter worth $28,000. ST Germain D J Co. Inc. raised its stake in ProShares Bitcoin ETF by 55.4% during the third quarter. ST Germain D J Co. Inc. now owns 1,462 shares of the company’s stock worth $29,000 after buying an additional 521 shares during the last quarter. Caitlin John LLC acquired a new position in ProShares Bitcoin ETF in the third quarter valued at $29,000. Finally, Barclays PLC boosted its position in ProShares Bitcoin ETF by 210,000.0% during the fourth quarter. Barclays PLC now owns 2,101 shares of the company’s stock valued at $26,000 after acquiring an additional 2,100 shares during the last quarter.

ProShares Bitcoin ETF Company Profile

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.