ProShares Bitcoin ETF (NYSEARCA:BITO) Shares Gap Down – Here’s Why

Shares of ProShares Bitcoin ETF (NYSEARCA:BITO) gapped down before the market opened on Thursday . The stock had previously closed at $24.25, but opened at $23.37. ProShares Bitcoin ETF shares last traded at $23.28, with a volume of 2,117,078 shares trading hands.

ProShares Bitcoin ETF Stock Down 1.2 %

The firm has a 50 day moving average price of $23.43 and a 200 day moving average price of $21.38.

Institutional Trading of ProShares Bitcoin ETF

Institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. raised its stake in shares of ProShares Bitcoin ETF by 2,930.0% in the third quarter. JPMorgan Chase & Co. now owns 25,179 shares of the company’s stock valued at $483,000 after buying an additional 24,348 shares during the period. Garden State Investment Advisory Services LLC bought a new position in ProShares Bitcoin ETF in the 3rd quarter worth approximately $252,000. MML Investors Services LLC grew its stake in ProShares Bitcoin ETF by 28.1% in the 3rd quarter. MML Investors Services LLC now owns 93,050 shares of the company’s stock valued at $1,786,000 after buying an additional 20,386 shares in the last quarter. Legacy Investment Solutions LLC purchased a new stake in shares of ProShares Bitcoin ETF during the third quarter worth $11,254,000. Finally, Orion Portfolio Solutions LLC boosted its holdings in shares of ProShares Bitcoin ETF by 29.6% in the third quarter. Orion Portfolio Solutions LLC now owns 26,564 shares of the company’s stock worth $510,000 after acquiring an additional 6,066 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.