ProShares Bitcoin ETF (NYSEARCA:BITO) Shares Gap Down – Should You Sell?

Shares of ProShares Bitcoin ETF (NYSEARCA:BITO) gapped down prior to trading on Thursday . The stock had previously closed at $24.25, but opened at $23.37. ProShares Bitcoin ETF shares last traded at $23.28, with a volume of 2,117,078 shares traded.

ProShares Bitcoin ETF Trading Down 3.3 %

The firm has a fifty day simple moving average of $23.27 and a 200-day simple moving average of $21.39.

Hedge Funds Weigh In On ProShares Bitcoin ETF

Several large investors have recently bought and sold shares of the business. Whitebox Advisors LLC raised its position in shares of ProShares Bitcoin ETF by 19.7% during the 3rd quarter. Whitebox Advisors LLC now owns 697,042 shares of the company’s stock valued at $13,376,000 after acquiring an additional 114,872 shares during the last quarter. Legacy Investment Solutions LLC acquired a new position in shares of ProShares Bitcoin ETF during the 3rd quarter worth about $11,254,000. United Capital Management of KS Inc. raised its position in shares of ProShares Bitcoin ETF by 2.8% in the 2nd quarter. United Capital Management of KS Inc. now owns 420,885 shares of the company’s stock valued at $9,474,000 after acquiring an additional 11,340 shares during the period. IHT Wealth Management LLC grew its holdings in ProShares Bitcoin ETF by 100.5% during the third 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. Finally, Total Investment Management Inc. increased its stake in ProShares Bitcoin ETF by 118.4% in the third 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 in the last quarter.

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.