ProShares Bitcoin ETF (NYSEARCA:BITO) Sees Large Volume Increase – Still a Buy?

Shares of ProShares Bitcoin ETF (NYSEARCA:BITO) saw an uptick in trading volume on Tuesday . 303,747,697 shares traded hands during mid-day trading, an increase of 101% from the previous session’s volume of 151,221,438 shares.The stock last traded at $9.02 and had previously closed at $8.82.

ProShares Bitcoin ETF Trading Down 0.7%

The stock has a fifty day simple moving average of $9.05 and a two-hundred day simple moving average of $10.00.

Institutional Trading of ProShares Bitcoin ETF

Large investors have recently modified their holdings of the business. Goldman Sachs Group Inc. lifted its position in ProShares Bitcoin ETF by 120.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 6,761,837 shares of the company’s stock valued at $82,224,000 after purchasing an additional 3,700,000 shares during the last quarter. Acorns Advisers LLC lifted its stake in ProShares Bitcoin ETF by 37.1% during the fourth quarter. Acorns Advisers LLC now owns 6,274,599 shares of the company’s stock worth $76,299,000 after purchasing an additional 1,698,373 shares during the last quarter. Tidal Investments LLC increased its position in shares of ProShares Bitcoin ETF by 139.3% during the 3rd quarter. Tidal Investments LLC now owns 912,135 shares of the company’s stock valued at $17,165,000 after purchasing an additional 530,987 shares during the last quarter. Fielder Capital Group LLC raised its stake in shares of ProShares Bitcoin ETF by 22.5% during the fourth quarter. Fielder Capital Group LLC now owns 623,036 shares of the company’s stock worth $7,576,000 after acquiring an additional 114,561 shares in the last quarter. Finally, Group One Trading LLC boosted its stake in shares of ProShares Bitcoin ETF by 14.2% in the 1st quarter. Group One Trading LLC now owns 460,289 shares of the company’s stock valued at $4,285,000 after purchasing an additional 57,065 shares in the last quarter.

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.