ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) Share Price Break Above 50-Day Moving Average – What’s Next?

Shares of ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) crossed above its fifty day moving average during trading on Friday. The stock has a fifty day moving average of $32.91 and traded as high as $36.17. ProShares Ultra Short Bitcoin ETF shares last traded at $35.67, with a volume of 1,351,245 shares.

ProShares Ultra Short Bitcoin ETF Price Performance

The company’s 50-day moving average price is $32.91 and its two-hundred day moving average price is $48.15.

Hedge Funds Weigh In On ProShares Ultra Short Bitcoin ETF

A hedge fund recently raised its position in ProShares Ultra Short Bitcoin ETF stock. Group One Trading LLC increased its position in ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) by 4,555.3% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,940 shares of the company’s stock after purchasing an additional 10,705 shares during the period. Group One Trading LLC owned 0.26% of ProShares Ultra Short Bitcoin ETF worth $623,000 at the end of the most recent reporting period.

ProShares Ultra Short Bitcoin ETF Company Profile

The ProShares UltraShort Bitcoin ETF (SBIT) is an exchange-traded fund that is based on the Bloomberg Bitcoin index. The fund tracks -2x the daily price movements of an index that measures the price of Bitcoin. The fund uses swaps to provide inverse exposure to Bitcoin. SBIT was launched on Apr 2, 2024 and is issued by ProShares.