ProShares Bitcoin Strategy ETF (NYSEARCA:BITO) Shares Down 7.5%

ProShares Bitcoin Strategy ETF (NYSEARCA:BITO) were down 7.5% during mid-day trading on Friday . The stock traded as low as $19.40 and last traded at $19.58. Approximately 3,052,214 shares traded hands during trading, a decline of 82% from the average daily volume of 16,633,629 shares. The stock had previously closed at $21.16.

ProShares Bitcoin Strategy ETF Trading Down 6.3 %

The business’s 50-day simple moving average is $25.43 and its 200-day simple moving average is $25.47.

Hedge Funds Weigh In On ProShares Bitcoin Strategy ETF

Hedge funds have recently made changes to their positions in the business. Jane Street Group LLC increased its position in shares of ProShares Bitcoin Strategy ETF by 170.8% in the first quarter. Jane Street Group LLC now owns 19,154,637 shares of the company’s stock worth $618,695,000 after purchasing an additional 12,081,007 shares during the period. ARK Investment Management LLC acquired a new position in ProShares Bitcoin Strategy ETF in the fourth quarter valued at approximately $93,213,000. Simplex Trading LLC raised its position in shares of ProShares Bitcoin Strategy ETF by 51.9% during the first quarter. Simplex Trading LLC now owns 906,491 shares of the company’s stock worth $29,279,000 after purchasing an additional 309,754 shares during the period. Sylebra Capital LLC acquired a new position in shares of ProShares Bitcoin Strategy ETF during the first quarter worth approximately $24,996,000. Finally, Whitebox Advisors LLC grew its holdings in ProShares Bitcoin Strategy ETF by 41.6% during the first quarter. Whitebox Advisors LLC now owns 538,000 shares of the company’s stock worth $17,377,000 after buying an additional 158,175 shares in the last quarter.

About ProShares Bitcoin Strategy 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.