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

ProShares Bitcoin ETF (NYSEARCA:BITO) gapped down before the market opened on Tuesday . The stock had previously closed at $21.81, but opened at $20.66. ProShares Bitcoin ETF shares last traded at $20.09, with a volume of 4,248,935 shares trading hands.

ProShares Bitcoin ETF Stock Performance

The firm has a 50 day moving average price of $23.71 and a 200-day moving average price of $21.74.

Institutional Trading of ProShares Bitcoin ETF

Several large investors have recently modified their holdings of BITO. NBT Bank N A NY boosted its stake in ProShares Bitcoin ETF by 1,090.0% during the 4th quarter. NBT Bank N A NY now owns 1,190 shares of the company’s stock valued at $27,000 after purchasing an additional 1,090 shares during the period. Hantz Financial Services Inc. lifted its holdings in shares of ProShares Bitcoin ETF by 408.4% during the third quarter. Hantz Financial Services Inc. now owns 1,459 shares of the company’s stock worth $28,000 after buying an additional 1,172 shares during the last quarter. LGT Financial Advisors LLC bought a new stake in shares of ProShares Bitcoin ETF in the third quarter valued at approximately $28,000. Venturi Wealth Management LLC bought a new stake in shares of ProShares Bitcoin ETF in the third quarter valued at approximately $29,000. Finally, Concourse Financial Group Securities Inc. grew its stake in shares of ProShares Bitcoin ETF by 650.9% in the fourth quarter. Concourse Financial Group Securities Inc. now owns 1,284 shares of the company’s stock worth $29,000 after acquiring an additional 1,113 shares during the last quarter.

About ProShares Bitcoin ETF

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.