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

ProShares Bitcoin ETF (NYSEARCA:BITO) gapped up prior to trading on Thursday . The stock had previously closed at $25.55, but opened at $26.55. ProShares Bitcoin ETF shares last traded at $26.70, with a volume of 5,818,625 shares changing hands.

ProShares Bitcoin ETF Stock Performance

The business’s 50-day simple moving average is $21.39 and its two-hundred day simple moving average is $21.61.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Hexagon Capital Partners LLC lifted its position in shares of ProShares Bitcoin ETF by 1,200.0% during the third quarter. Hexagon Capital Partners LLC now owns 1,300 shares of the company’s stock worth $25,000 after purchasing an additional 1,200 shares in the last quarter. LGT Financial Advisors LLC purchased a new stake in ProShares Bitcoin ETF during the 3rd quarter worth $28,000. Hantz Financial Services Inc. lifted its holdings in 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 buying an additional 1,172 shares in the last quarter. Venturi Wealth Management LLC purchased a new position in ProShares Bitcoin ETF in the 3rd quarter valued at about $29,000. Finally, Cedar Mountain Advisors LLC grew its stake in shares of ProShares Bitcoin ETF by 57.8% during the third quarter. Cedar Mountain Advisors LLC now owns 1,769 shares of the company’s stock valued at $34,000 after acquiring 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.