ProShares Short Bitcoin ETF (NYSEARCA:BITI) Shares Shorted: Short Interest Up 57.7% in September

ProShares Short Bitcoin ETF (NYSEARCA:BITI) saw a significant increase in short interest during the month of September. As of September 15th, there was short interest totaling 463,190 shares, an increase of 57.7% from the August 31st total of 293,672 shares. Currently, 7.9% of the shares of the company are sold short. Based on an average daily volume of 1,306,234 shares, the days-to-cover ratio is presently 0.4 days.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. AXQ Capital LP acquired a new stake in shares of ProShares Short Bitcoin ETF during the 2nd quarter worth approximately $361,000. IMC Chicago LLC bought a new position in ProShares Short Bitcoin ETF in the first quarter worth $1,611,000. Finally, Tucker Asset Management LLC acquired a new stake in ProShares Short Bitcoin ETF during the second quarter worth $2,105,000. Institutional investors and hedge funds own 30.27% of the company’s stock.

ProShares Short Bitcoin ETF Stock Performance

Shares of ProShares Short Bitcoin ETF stock traded down $0.17 during trading on Friday, reaching $17.20. The company’s stock had a trading volume of 631,460 shares, compared to its average volume of 1,887,095. ProShares Short Bitcoin ETF has a one year low of $16.58 and a one year high of $30.93. The firm has a market cap of $79.10 million, a price-to-earnings ratio of -4.27 and a beta of -1.41. The business’s fifty day moving average price is $20.78 and its 200-day moving average price is $23.46.

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.