ProShares Bitcoin ETF (NYSEARCA:BITO) Sees Strong Trading Volume – Here’s Why

ProShares Bitcoin ETF (NYSEARCA:BITO) saw unusually-strong trading volume on Tuesday . Approximately 19,510,777 shares were traded during mid-day trading, an increase of 35% from the previous session’s volume of 14,499,600 shares.The stock last traded at $12.3950 and had previously closed at $12.10.

ProShares Bitcoin ETF Trading Up 1.8%

The business’s fifty day simple moving average is $14.72 and its 200-day simple moving average is $18.55.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in BITO. Goldman Sachs Group Inc. increased its holdings in shares of ProShares Bitcoin ETF by 152.9% in the first quarter. Goldman Sachs Group Inc. now owns 8,168,833 shares of the company’s stock worth $149,653,000 after purchasing an additional 4,939,205 shares during the last quarter. RK Capital Management LLC FL increased its stake in ProShares Bitcoin ETF by 374.5% in the 2nd quarter. RK Capital Management LLC FL now owns 833,600 shares of the company’s stock worth $17,931,000 after acquiring an additional 657,910 shares during the last quarter. Acorns Advisers LLC increased its stake in ProShares Bitcoin ETF by 16.5% in the 3rd quarter. Acorns Advisers LLC now owns 4,576,226 shares of the company’s stock worth $90,060,000 after acquiring an additional 647,924 shares during the last quarter. Tidal Investments LLC raised its holdings in shares of ProShares Bitcoin ETF by 139.3% during the 3rd quarter. Tidal Investments LLC now owns 912,135 shares of the company’s stock worth $17,165,000 after acquiring an additional 530,987 shares in the last quarter. Finally, Fielder Capital Group LLC bought a new position in shares of ProShares Bitcoin ETF during the 2nd quarter valued at approximately $9,549,000.

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.