ProShares Short Bitcoin ETF (NYSEARCA:BITI) Stock Price Up 2.5% – Time to Buy?

ProShares Short Bitcoin ETF (NYSEARCA:BITI) shot up 2.5% on Friday . The company traded as high as $23.11 and last traded at $23.05. 1,180,464 shares were traded during mid-day trading, a decline of 46% from the average session volume of 2,191,829 shares. The stock had previously closed at $22.48.

ProShares Short Bitcoin ETF Stock Up 2.5%

The stock’s 50-day moving average price is $23.96 and its 200-day moving average price is $23.91. The company has a market capitalization of $186.47 million, a price-to-earnings ratio of -5.72 and a beta of -1.41.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Quadrature Capital Ltd bought a new position in ProShares Short Bitcoin ETF in the 4th quarter valued at $2,505,000. IMC Chicago LLC acquired a new position in shares of ProShares Short Bitcoin ETF during the first quarter valued at $1,611,000. Advisory Services Network LLC acquired a new position in shares of ProShares Short Bitcoin ETF during the second quarter valued at $779,000. SIH Partners LLLP bought a new position in ProShares Short Bitcoin ETF in the fourth quarter valued at about $895,000. Finally, Renaissance Technologies LLC boosted its holdings in ProShares Short Bitcoin ETF by 87.8% in the fourth quarter. Renaissance Technologies LLC now owns 36,800 shares of the company’s stock valued at $853,000 after acquiring an additional 17,200 shares during the last quarter. Institutional investors own 30.27% of the company’s stock.

ProShares Short Bitcoin ETF Company Profile

The ProShares Trust – ProShares Short Bitcoin Strategy ETF (BITI) is an exchange-traded fund that is based on the S&P CME Bitcoin Futures index. The fund tracks the inverse daily price movements of an index of front-month CME bitcoin futures. It aims to profit from the price decline of bitcoin. BITI was launched on Jun 21, 2022 and is managed by ProShares.