ProShares Bitcoin Strategy ETF (NYSEARCA:BITO) Shares Gap Down to $24.20

Shares of ProShares Bitcoin Strategy ETF (NYSEARCA:BITO) gapped down prior to trading on Monday . The stock had previously closed at $24.20, but opened at $23.03. ProShares Bitcoin Strategy ETF shares last traded at $23.05, with a volume of 1,184,577 shares.

ProShares Bitcoin Strategy ETF Price Performance

The firm has a 50-day simple moving average of $26.26 and a two-hundred day simple moving average of $25.47.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BITO. Jane Street Group LLC increased its holdings in shares of ProShares Bitcoin Strategy ETF by 170.8% during the 1st quarter. Jane Street Group LLC now owns 19,154,637 shares of the company’s stock valued at $618,695,000 after acquiring an additional 12,081,007 shares during the last quarter. ARK Investment Management LLC acquired a new position in shares of ProShares Bitcoin Strategy ETF during the 4th quarter valued at about $93,213,000. Sylebra Capital LLC bought a new stake in ProShares Bitcoin Strategy ETF during the 1st quarter valued at approximately $24,996,000. Simplex Trading LLC boosted its stake in ProShares Bitcoin Strategy ETF by 770.7% during the 4th quarter. Simplex Trading LLC now owns 596,737 shares of the company’s stock valued at $12,227,000 after purchasing an additional 528,205 shares during the period. Finally, United Capital Management of KS Inc. bought a new stake in ProShares Bitcoin Strategy ETF during the 1st quarter valued at approximately $13,228,000.

ProShares Bitcoin Strategy 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.