ProShares Bitcoin ETF (NYSEARCA:BITO) Reaches New 12-Month Low – Time to Sell?

ProShares Bitcoin ETF (NYSEARCA:BITO) shares hit a new 52-week low on Wednesday . The company traded as low as $12.13 and last traded at $12.0750, with a volume of 1068933 shares. The stock had previously closed at $12.92.

ProShares Bitcoin ETF Stock Down 6.3%

The stock’s 50 day moving average price is $15.19 and its 200-day moving average price is $18.82.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BITO. Banque Transatlantique SA bought a new stake in ProShares Bitcoin ETF during the 1st quarter valued at $769,000. Integrated Wealth Concepts LLC raised its holdings in ProShares Bitcoin ETF by 6.1% in the first quarter. Integrated Wealth Concepts LLC now owns 23,289 shares of the company’s stock worth $427,000 after purchasing an additional 1,339 shares in the last quarter. NewEdge Advisors LLC lifted its position in ProShares Bitcoin ETF by 22.9% during the 1st quarter. NewEdge Advisors LLC now owns 134,427 shares of the company’s stock valued at $2,463,000 after acquiring an additional 25,064 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of ProShares Bitcoin ETF by 152.9% during the first quarter. Goldman Sachs Group Inc. now owns 8,168,833 shares of the company’s stock valued at $149,653,000 after purchasing an additional 4,939,205 shares during the last quarter. Finally, McIlrath & Eck LLC boosted its holdings in ProShares Bitcoin ETF by 2,260.3% in the first quarter. McIlrath & Eck LLC now owns 10,952 shares of the company’s stock worth $201,000 after acquiring an additional 10,488 shares in the last quarter.

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.