ProShares Bitcoin ETF (NYSEARCA:BITO) Shares Gap Up – What’s Next?

Shares of ProShares Bitcoin ETF (NYSEARCA:BITO) gapped up before the market opened on Tuesday . The stock had previously closed at $22.74, but opened at $23.71. ProShares Bitcoin ETF shares last traded at $23.89, with a volume of 3,559,352 shares traded.

ProShares Bitcoin ETF Stock Performance

The company has a 50-day moving average of $22.99 and a 200-day moving average of $21.41.

Hedge Funds Weigh In On ProShares Bitcoin ETF

A number of institutional investors have recently bought and sold shares of BITO. Legacy Investment Solutions LLC purchased a new stake in shares of ProShares Bitcoin ETF in the third quarter worth about $11,254,000. Whitebox Advisors LLC lifted its stake in shares of ProShares Bitcoin ETF by 19.7% in the 3rd quarter. Whitebox Advisors LLC now owns 697,042 shares of the company’s stock valued at $13,376,000 after purchasing an additional 114,872 shares during the period. IHT Wealth Management LLC boosted its holdings in ProShares Bitcoin ETF by 100.5% during the third quarter. IHT Wealth Management LLC now owns 196,782 shares of the company’s stock worth $3,619,000 after buying an additional 98,643 shares in the last quarter. SIG North Trading ULC acquired a new stake in ProShares Bitcoin ETF during the second quarter valued at $1,857,000. Finally, Total Investment Management Inc. increased its holdings in ProShares Bitcoin ETF by 118.4% in the third quarter. Total Investment Management Inc. now owns 150,982 shares of the company’s stock valued at $2,897,000 after buying an additional 81,836 shares in 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.