ProShares Bitcoin ETF (NYSEARCA:BITO) Shares Down 4.5% – Here’s What Happened

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

ProShares Bitcoin ETF Stock Performance

The stock has a 50-day moving average price of $20.09 and a 200-day moving average price of $21.60.

Institutional Trading of ProShares Bitcoin ETF

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Cedar Mountain Advisors LLC grew its holdings in ProShares Bitcoin ETF by 112.7% during the 2nd quarter. Cedar Mountain Advisors LLC now owns 1,121 shares of the company’s stock worth $25,000 after acquiring an additional 594 shares in the last quarter. Hexagon Capital Partners LLC increased 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 buying an additional 1,200 shares during the last quarter. LGT Financial Advisors LLC bought a new position in ProShares Bitcoin ETF during the 3rd quarter worth approximately $28,000. Hantz Financial Services Inc. grew its position in shares of ProShares Bitcoin ETF by 408.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,459 shares of the company’s stock worth $28,000 after acquiring an additional 1,172 shares in the last quarter. Finally, Venturi Wealth Management LLC bought a new stake in shares of ProShares Bitcoin ETF in the 3rd quarter valued at approximately $29,000.

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.