ProShares Bitcoin ETF (NYSEARCA:BITO) Shares Gap Up – Still a Buy?

ProShares Bitcoin ETF (NYSEARCA:BITO) shares gapped up prior to trading on Monday . The stock had previously closed at $18.82, but opened at $20.81. ProShares Bitcoin ETF shares last traded at $20.27, with a volume of 5,476,474 shares trading hands.

ProShares Bitcoin ETF Trading Up 4.2 %

The stock’s fifty day moving average is $23.06 and its 200-day moving average is $21.75.

Institutional Investors Weigh In On ProShares Bitcoin ETF

Several hedge funds have recently modified their holdings of BITO. JPMorgan Chase & Co. increased its stake in shares of ProShares Bitcoin ETF by 2,930.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 25,179 shares of the company’s stock valued at $483,000 after purchasing an additional 24,348 shares in the last quarter. Brookstone Capital Management increased its position in shares of ProShares Bitcoin ETF by 4.0% in the fourth quarter. Brookstone Capital Management now owns 13,489 shares of the company’s stock valued at $307,000 after buying an additional 517 shares in the last quarter. Kingsview Wealth Management LLC raised its stake in shares of ProShares Bitcoin ETF by 10.3% during the 3rd quarter. Kingsview Wealth Management LLC now owns 21,470 shares of the company’s stock worth $412,000 after buying an additional 2,000 shares during the period. Realta Investment Advisors lifted its position in shares of ProShares Bitcoin ETF by 898.4% during the 4th quarter. Realta Investment Advisors now owns 102,439 shares of the company’s stock valued at $2,459,000 after buying an additional 92,179 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in ProShares Bitcoin ETF by 7.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 23,365 shares of the company’s stock valued at $448,000 after acquiring an additional 1,642 shares during the period.

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.