ProShares Bitcoin ETF (NYSEARCA:BITO) Shares Gap Up – Still a Buy?

ProShares Bitcoin ETF (NYSEARCA:BITO)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $9.25, but opened at $9.71. ProShares Bitcoin ETF shares last traded at $9.80, with a volume of 82,091,694 shares traded.

ProShares Bitcoin ETF Stock Performance

The business’s 50 day simple moving average is $8.61 and its 200 day simple moving average is $9.43.

Institutional Trading of ProShares Bitcoin ETF

Several institutional investors have recently made changes to their positions in BITO. Kelleher Financial Advisors purchased a new position in ProShares Bitcoin ETF in the third quarter worth approximately $26,000. Barclays PLC raised its position in ProShares Bitcoin ETF by 210,000.0% in the fourth quarter. Barclays PLC now owns 2,101 shares of the company’s stock valued at $26,000 after purchasing an additional 2,100 shares during the period. Sunbelt Securities Inc. lifted its stake in shares of ProShares Bitcoin ETF by 432.0% in the 3rd quarter. Sunbelt Securities Inc. now owns 2,128 shares of the company’s stock valued at $42,000 after purchasing an additional 1,728 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of ProShares Bitcoin ETF by 422.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,100 shares of the company’s stock valued at $67,000 after purchasing an additional 2,507 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of ProShares Bitcoin ETF during the 2nd quarter worth $67,000.

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.