ProShares Bitcoin ETF (NYSEARCA:BITO) Shares Up 4.9% – Here’s What Happened

ProShares Bitcoin ETF (NYSEARCA:BITO) shares rose 4.9% during mid-day trading on Friday . The company traded as high as $10.81 and last traded at $10.7850. Approximately 9,810,799 shares traded hands during trading, a decline of 93% from the average session volume of 138,743,938 shares. The stock had previously closed at $10.28.

ProShares Bitcoin ETF Price Performance

The firm’s 50-day moving average price is $9.46 and its 200 day moving average price is $9.57.

Institutional Trading of ProShares Bitcoin ETF

Institutional investors and hedge funds have recently made changes to their positions in the stock. Ramsey Quantitative Systems purchased a new stake in ProShares Bitcoin ETF during the 1st quarter worth about $37,000. Private Wealth Asset Management LLC boosted its stake in shares of ProShares Bitcoin ETF by 1,358.3% during the 4th quarter. Private Wealth Asset Management LLC now owns 7,510 shares of the company’s stock worth $91,000 after purchasing an additional 6,995 shares during the last quarter. Avestar Capital LLC acquired a new stake in shares of ProShares Bitcoin ETF during the fourth quarter worth $128,000. Apollon Wealth Management LLC acquired a new stake in ProShares Bitcoin ETF in the 1st quarter worth about $107,000. Finally, Clare Market Investments LLC acquired a new position in shares of ProShares Bitcoin ETF during the 1st quarter valued at about $108,000.

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.