ProShares Bitcoin ETF (NYSEARCA:BITO) Stock Price Down 4.5% – Here’s Why

ProShares Bitcoin ETF (NYSEARCA:BITO)’s share price dropped 4.5% on Monday . The stock traded as low as $25.35 and last traded at $25.50. Approximately 10,197,405 shares were traded during trading, a decline of 26% from the average daily volume of 13,873,529 shares. The stock had previously closed at $26.69.

ProShares Bitcoin ETF Stock Up 6.5 %

The stock has a fifty day moving average of $20.53 and a 200 day moving average of $21.63.

Hedge Funds Weigh In On ProShares Bitcoin ETF

Several institutional investors have recently added to or reduced their stakes in the company. Whitebox Advisors LLC lifted its stake in ProShares Bitcoin ETF by 19.7% in the third quarter. Whitebox Advisors LLC now owns 697,042 shares of the company’s stock worth $13,376,000 after purchasing an additional 114,872 shares during the last quarter. Legacy Investment Solutions LLC purchased a new stake in shares of ProShares Bitcoin ETF during the 3rd quarter valued at $11,254,000. United Capital Management of KS Inc. boosted its holdings in ProShares Bitcoin ETF by 2.8% in the second quarter. United Capital Management of KS Inc. now owns 420,885 shares of the company’s stock worth $9,474,000 after acquiring an additional 11,340 shares in the last quarter. IHT Wealth Management LLC grew its position in ProShares Bitcoin ETF by 100.5% during the 3rd quarter. IHT Wealth Management LLC now owns 196,782 shares of the company’s stock worth $3,619,000 after purchasing an additional 98,643 shares during the last quarter. Finally, Total Investment Management Inc. increased its position in shares of ProShares Bitcoin ETF by 118.4% in the 3rd quarter. Total Investment Management Inc. now owns 150,982 shares of the company’s stock valued at $2,897,000 after acquiring an additional 81,836 shares during the period.

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.