ProShares Bitcoin ETF (NYSEARCA:BITO) Stock Price Down 6.4% – Here’s What Happened

ProShares Bitcoin ETF (NYSEARCA:BITO)’s stock price were down 6.4% on Monday . The stock traded as low as $16.48 and last traded at $17.14. Approximately 3,704,019 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 9,475,498 shares. The stock had previously closed at $18.31.

ProShares Bitcoin ETF Stock Down 7.2 %

The firm’s 50 day moving average is $20.69 and its two-hundred day moving average is $21.80.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Kings Path Partners LLC raised its stake in ProShares Bitcoin ETF by 100.0% in the first quarter. Kings Path Partners LLC now owns 10,000 shares of the company’s stock valued at $183,000 after buying an additional 5,000 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in shares of ProShares Bitcoin ETF by 232.0% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 77,576 shares of the company’s stock worth $1,767,000 after acquiring an additional 54,211 shares during the last quarter. Copia Wealth Management bought a new stake in ProShares Bitcoin ETF in the 4th quarter valued at $37,000. Heck Capital Advisors LLC acquired a new stake in ProShares Bitcoin ETF during the 4th quarter valued at $49,000. Finally, Gordian Capital Singapore Pte Ltd bought a new position in ProShares Bitcoin ETF during the fourth quarter worth $866,000.

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.