ProShares Short Bitcoin ETF (NYSEARCA:BITI) Stock Short Interest Rises 57.7%

ProShares Short Bitcoin ETF (NYSEARCA:BITI) was the recipient of a large increase in short interest in the month of September. As of September 15th, there was short interest totaling 463,190 shares, an increase of 57.7% from the August 31st total of 293,672 shares. Based on an average daily volume of 1,306,234 shares, the short-interest ratio is presently 0.4 days. Approximately 7.9% of the company’s shares are sold short.

ProShares Short Bitcoin ETF Stock Down 0.3%

Shares of BITI traded down $0.06 during trading hours on Wednesday, reaching $17.57. 1,190,139 shares of the company traded hands, compared to its average volume of 1,898,753. ProShares Short Bitcoin ETF has a 12 month low of $16.58 and a 12 month high of $30.93. The company’s fifty day moving average price is $21.06 and its two-hundred day moving average price is $23.57. The company has a market capitalization of $86.64 million, a price-to-earnings ratio of -4.36 and a beta of -1.43.

Institutional Trading of ProShares Short Bitcoin ETF

Several large investors have recently bought and sold shares of BITI. Tucker Asset Management LLC bought a new position in shares of ProShares Short Bitcoin ETF in the 2nd quarter worth approximately $2,105,000. IMC Chicago LLC purchased a new position in shares of ProShares Short Bitcoin ETF in the 1st quarter valued at approximately $1,611,000. Finally, AXQ Capital LP bought a new stake in shares of ProShares Short Bitcoin ETF during the second quarter valued at approximately $361,000. 30.27% of the stock is owned by institutional investors.

About ProShares Short Bitcoin ETF

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.