ProShares Bitcoin ETF (NYSEARCA:BITO) Shares Gap Up – Here’s Why

ProShares Bitcoin ETF (NYSEARCA:BITO)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $26.09, but opened at $26.82. ProShares Bitcoin ETF shares last traded at $27.17, with a volume of 2,343,686 shares traded.

ProShares Bitcoin ETF Stock Performance

The stock has a 50 day simple moving average of $22.16 and a 200-day simple moving average of $21.44.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Hexagon Capital Partners LLC lifted its position in shares of ProShares Bitcoin ETF by 1,200.0% during the 3rd 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 in the last quarter. LGT Financial Advisors LLC purchased a new position in ProShares Bitcoin ETF during the third quarter valued at approximately $28,000. Hantz Financial Services Inc. lifted its holdings in ProShares Bitcoin ETF by 408.4% during the third quarter. Hantz Financial Services Inc. now owns 1,459 shares of the company’s stock valued at $28,000 after purchasing an additional 1,172 shares in the last quarter. Venturi Wealth Management LLC bought a new position in shares of ProShares Bitcoin ETF in the third quarter worth approximately $29,000. Finally, Cedar Mountain Advisors LLC lifted its stake in shares of ProShares Bitcoin ETF by 57.8% during the 3rd quarter. Cedar Mountain Advisors LLC now owns 1,769 shares of the company’s stock valued at $34,000 after buying an additional 648 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.