ProShares Short Bitcoin ETF (NYSEARCA:BITI) Stock Scheduled to Reverse Split on Thursday, November 19th

Shares of ProShares Short Bitcoin ETF (NYSEARCA:BITI) are going to reverse split on the morning of Thursday, November 19th. The 1-2 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Wednesday, November 18th.

ProShares Short Bitcoin ETF Price Performance

BITI opened at $21.16 on Friday. ProShares Short Bitcoin ETF has a fifty-two week low of $16.86 and a fifty-two week high of $30.93. The firm has a market capitalization of $81.89 million, a PE ratio of -5.25 and a beta of -1.44. The company’s 50-day moving average is $18.37 and its 200 day moving average is $23.23.

Hedge Funds Weigh In On ProShares Short Bitcoin ETF

Hedge funds have recently added to or reduced their stakes in the stock. Group One Trading LLC purchased a new stake in shares of ProShares Short Bitcoin ETF in the third quarter valued at about $231,000. Tucker Asset Management LLC lifted its position in shares of ProShares Short Bitcoin ETF by 13.0% during the third quarter. Tucker Asset Management LLC now owns 81,966 shares of the company’s stock valued at $1,445,000 after purchasing an additional 9,441 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new position in ProShares Short Bitcoin ETF during the third quarter worth about $1,111,000. Finally, AXQ Capital LP purchased a new position in ProShares Short Bitcoin ETF during the second quarter worth about $361,000. 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.