ProShares Bitcoin ETF (NYSEARCA:BITO) Shares Experience Significant Jump

The ProShares Bitcoin ETF (NYSEARCA:BITO – Get Free Report) saw a notable increase in its share price before trading commenced on Thursday. The stock closed at $22.78 and opened at $23.56, indicating a positive movement in the market. By the end of the trading session, the ProShares Bitcoin ETF shares were last priced at $23.75, with a trading volume of 2,637,365 shares.

ProShares Bitcoin ETF Stock Rises 1.1%

The stock’s 50-day simple moving average is currently at $23.84, while the 200-day simple moving average stands at $21.31. This suggests that the ETF has been gradually gaining momentum in the past weeks.

Institutional Trading Activity for ProShares Bitcoin ETF

Recent reports indicate that large investors have been actively adjusting their positions in the ProShares Bitcoin ETF. For instance, Hexagon Capital Partners LLC significantly increased its stake by 1,200.0% during the third quarter, acquiring a total of 1,300 shares valued at $25,000 after purchasing an additional 1,200 shares. LGT Financial Advisors LLC also entered the market, acquiring a new position worth approximately $28,000 in the same quarter.

Moreover, Hantz Financial Services Inc. enhanced its position in the ETF by 408.4%, obtaining 1,459 shares valued at $28,000 after adding 1,172 shares to its portfolio. Venturi Wealth Management LLC also made a strategic move by investing in ProShares Bitcoin ETF with a new stake of around $29,000. Cedar Mountain Advisors LLC joined the trend and raised its stake by 57.8%, now holding 1,769 shares worth $34,000 after increasing its holdings by 648 shares during the period.

About ProShares Bitcoin ETF

The ProShares Bitcoin Strategy ETF (BITO) is designed to primarily invest in long bitcoin positions while shorting the USD currency. It focuses on actively managing a portfolio composed of front-month CME bitcoin futures. The ETF was launched on October 18, 2021, and is managed by ProShares.

ProShares, Bitcoin, ETF