ProShares Short Bitcoin ETF (NYSEARCA:BITI) Trading Down 4.3% – What’s Next?

Shares of ProShares Short Bitcoin ETF (NYSEARCA:BITI) were down 4.3% on Thursday . The company traded as low as $22.82 and last traded at $22.97. Approximately 2,012,507 shares changed hands during mid-day trading, an increase of 17% from the average daily volume of 1,722,606 shares. The stock had previously closed at $24.00.

ProShares Short Bitcoin ETF Stock Performance

The company has a 50 day moving average price of $25.31 and a 200-day moving average price of $34.50.

Hedge Funds Weigh In On ProShares Short Bitcoin ETF

A number of institutional investors have recently bought and sold shares of BITI. Headlands Technologies LLC lifted its position in ProShares Short Bitcoin ETF by 2,694.5% during the second quarter. Headlands Technologies LLC now owns 36,748 shares of the company’s stock valued at $311,000 after buying an additional 35,433 shares during the period. Tidal Investments LLC bought a new position in shares of ProShares Short Bitcoin ETF in the 3rd quarter worth about $1,825,000. Finally, Brown Brothers Harriman & Co. increased its stake in shares of ProShares Short Bitcoin ETF by 95.3% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 24,653 shares of the company’s stock worth $184,000 after acquiring an additional 12,027 shares in the last quarter.

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.