ProShares Short Bitcoin ETF (NYSEARCA:BITI) Sees Significant Drop in Short Interest

ProShares Short Bitcoin ETF (NYSEARCA:BITI) was the target of a large decrease in short interest in December. As of December 15th, there was short interest totaling 221,350 shares, a decrease of 39.3% from the November 30th total of 364,440 shares. Currently, 4.9% of the company’s shares are short sold. Based on an average trading volume of 3,024,174 shares, the days-to-cover ratio is currently 0.1 days. Based on an average trading volume of 3,024,174 shares, the days-to-cover ratio is currently 0.1 days. Currently, 4.9% of the company’s shares are short sold.

ProShares Short Bitcoin ETF Stock Down 0.3%

Shares of ProShares Short Bitcoin ETF stock traded down $0.06 during midday trading on Friday, hitting $23.16. The company’s stock had a trading volume of 1,335,050 shares, compared to its average volume of 2,024,129. ProShares Short Bitcoin ETF has a 1-year low of $16.58 and a 1-year high of $28.23. The firm has a market capitalization of $104.68 million, a P/E ratio of -5.75 and a beta of -1.44. The stock has a 50-day simple moving average of $21.60 and a 200-day simple moving average of $19.66.

Hedge Funds Weigh In On ProShares Short Bitcoin ETF

Large investors have recently made changes to their positions in the business. Advisory Services Network LLC acquired a new stake in shares of ProShares Short Bitcoin ETF during the second quarter worth approximately $779,000. Tower Research Capital LLC TRC grew its holdings in shares of ProShares Short Bitcoin ETF by 136.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 15,081 shares of the company’s stock valued at $297,000 after acquiring an additional 8,700 shares in the last quarter. Group One Trading LLC purchased a new position in shares of ProShares Short Bitcoin ETF during the 2nd quarter valued at $207,000. XTX Topco Ltd acquired a new position in shares of ProShares Short Bitcoin ETF in the second quarter worth $230,000. Finally, CreativeOne Wealth LLC purchased a new stake in shares of ProShares Short Bitcoin ETF during the first quarter worth $612,000. Institutional investors and hedge funds own 30.27% of the company’s stock.

About ProShares Short Bitcoin ETF

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.