ProShares Short Bitcoin ETF (NYSEARCA:BITI) Share Price Break Above Fifty Day Moving Average – What’s Next?

ProShares Short Bitcoin ETF (NYSEARCA:BITI)’s stock price passed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $18.31 and traded as high as $19.29. ProShares Short Bitcoin ETF shares last traded at $19.16, with a volume of 2,296,586 shares trading hands.

ProShares Short Bitcoin ETF Stock Performance

The company has a 50 day moving average price of $18.31 and a 200 day moving average price of $23.35. The firm has a market cap of $73.19 million, a price-to-earnings ratio of -4.75 and a beta of -1.42.

Institutional Investors Weigh In On ProShares Short Bitcoin ETF

Several large investors have recently added to or reduced their stakes in BITI. Tucker Asset Management LLC raised its position in ProShares Short Bitcoin ETF by 13.0% in the 3rd quarter. Tucker Asset Management LLC now owns 81,966 shares of the company’s stock valued at $1,445,000 after purchasing an additional 9,441 shares in the last quarter. B. Riley Wealth Advisors Inc. acquired a new position in shares of ProShares Short Bitcoin ETF in the 3rd quarter valued at $1,111,000. AXQ Capital LP acquired a new position in ProShares Short Bitcoin ETF in the second quarter valued at $361,000. Finally, IMC Chicago LLC acquired a new position in ProShares Short Bitcoin ETF in the first quarter valued at $1,611,000. 30.27% of the stock is owned by hedge funds and other institutional investors.

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.