ProShares Bitcoin ETF (NYSEARCA:BITO) Shares Gap Up – Should You Buy?

ProShares Bitcoin ETF (NYSEARCA:BITO)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $22.78, but opened at $23.56. ProShares Bitcoin ETF shares last traded at $23.75, with a volume of 2,637,365 shares traded.

ProShares Bitcoin ETF Trading Up 3.3 %

The company’s 50-day moving average is $23.66 and its two-hundred day moving average is $21.30.

Institutional Investors Weigh In On ProShares Bitcoin ETF

Hedge funds have recently added to or reduced their stakes in the stock. Hexagon Capital Partners LLC boosted its holdings in shares of ProShares Bitcoin ETF by 1,200.0% in the third quarter. Hexagon Capital Partners LLC now owns 1,300 shares of the company’s stock worth $25,000 after buying an additional 1,200 shares during the last quarter. LGT Financial Advisors LLC bought a new stake in shares of ProShares Bitcoin ETF during the 3rd quarter valued at $28,000. Hantz Financial Services Inc. increased its stake in shares of ProShares Bitcoin ETF by 408.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,459 shares of the company’s stock worth $28,000 after purchasing an additional 1,172 shares in the last quarter. Venturi Wealth Management LLC bought a new position in ProShares Bitcoin ETF in the 3rd quarter worth $29,000. Finally, Cedar Mountain Advisors LLC grew its holdings in ProShares Bitcoin ETF by 57.8% during the third quarter. Cedar Mountain Advisors LLC now owns 1,769 shares of the company’s stock valued at $34,000 after purchasing an additional 648 shares during the period.

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.