ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) Shares Break Above 50-Day Moving Average – What’s Next?

ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT)’s share price passed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $32.91 and traded as high as $36.17. ProShares Ultra Short Bitcoin ETF shares last traded at $35.67, with a volume of 1,351,245 shares.

ProShares Ultra Short Bitcoin ETF Trading Up 10.2%

The company has a fifty day simple moving average of $32.91 and a 200-day simple moving average of $48.15.

Institutional Investors Weigh In On ProShares Ultra Short Bitcoin ETF

A hedge fund recently bought a new stake in ProShares Ultra Short Bitcoin ETF stock. Prosperitas Financial LLC acquired a new position in shares of ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 6,900 shares of the company’s stock, valued at approximately $480,000. Prosperitas Financial LLC owned approximately 0.23% of ProShares Ultra Short Bitcoin ETF at the end of the most recent quarter.

About ProShares Ultra Short Bitcoin ETF

The ProShares UltraShort Bitcoin ETF (SBIT) is an exchange-traded fund that is based on the Bloomberg Bitcoin index. The fund tracks -2x the daily price movements of an index that measures the price of Bitcoin. The fund uses swaps to provide inverse exposure to Bitcoin. SBIT was launched on Apr 2, 2024 and is issued by ProShares.