ProShares Bitcoin ETF (NYSEARCA:BITO) Shares Up 4.6% – Should You Buy?

ProShares Bitcoin ETF (NYSEARCA:BITO)’s share price shot up 4.6% during mid-day trading on Monday . The stock traded as high as $18.82 and last traded at $18.81. 2,915,782 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 13,780,306 shares. The stock had previously closed at $17.98.

ProShares Bitcoin ETF Stock Up 4.3 %

The firm’s fifty day moving average price is $18.56 and its 200-day moving average price is $23.07.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BITO. Cedar Mountain Advisors LLC boosted its holdings in ProShares Bitcoin ETF by 112.7% in the second quarter. Cedar Mountain Advisors LLC now owns 1,121 shares of the company’s stock valued at $25,000 after acquiring an additional 594 shares in the last quarter. Natixis bought a new stake in ProShares Bitcoin ETF in the first quarter valued at $40,000. Hexagon Capital Partners LLC boosted its holdings in ProShares Bitcoin ETF by 1,200.0% in the third quarter. Hexagon Capital Partners LLC now owns 1,300 shares of the company’s stock valued at $25,000 after acquiring an additional 1,200 shares in the last quarter. Kings Path Partners LLC bought a new stake in ProShares Bitcoin ETF in the second quarter valued at $45,000. Finally, Ashton Thomas Private Wealth LLC bought a new stake in ProShares Bitcoin ETF in the second quarter valued at $57,000.

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.