ProShares Bitcoin ETF (NYSEARCA:BITO) Shares Gap Down – What’s Next?

ProShares Bitcoin ETF (NYSEARCA:BITO) gapped down before the market opened on Monday . The stock had previously closed at $26.12, but opened at $25.51. ProShares Bitcoin ETF shares last traded at $25.62, with a volume of 1,577,921 shares.

ProShares Bitcoin ETF Stock Performance

The company has a fifty day simple moving average of $21.50 and a 200-day simple moving average of $21.50.

Institutional Trading of ProShares Bitcoin ETF

Several institutional investors and hedge funds have recently bought and sold shares of BITO. Legacy Investment Solutions LLC acquired a new stake in ProShares Bitcoin ETF during the 3rd quarter worth about $11,254,000. Whitebox Advisors LLC raised its holdings in ProShares Bitcoin ETF by 19.7% during the 3rd quarter. Whitebox Advisors LLC now owns 697,042 shares of the company’s stock worth $13,376,000 after buying an additional 114,872 shares during the period. IHT Wealth Management LLC increased its holdings in shares of ProShares Bitcoin ETF by 100.5% in the 3rd quarter. IHT Wealth Management LLC now owns 196,782 shares of the company’s stock valued at $3,619,000 after purchasing an additional 98,643 shares during the period. SIG North Trading ULC acquired a new position in shares of ProShares Bitcoin ETF in the 2nd quarter valued at about $1,857,000. Finally, Total Investment Management Inc. increased its holdings 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 purchasing 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.