ProShares Bitcoin ETF (NYSEARCA:BITO) Shares Gap Up – Time to Buy?

ProShares Bitcoin ETF (NYSEARCA:BITO) gapped up prior to trading on Wednesday . The stock had previously closed at $24.40, but opened at $25.34. ProShares Bitcoin ETF shares last traded at $25.34, with a volume of 943,754 shares trading hands.

ProShares Bitcoin ETF Stock Up 5.5 %

The stock has a fifty day moving average of $20.37 and a 200-day moving average of $21.60.

Institutional Investors Weigh In On ProShares Bitcoin ETF

Several institutional investors have recently modified their holdings of BITO. Whitebox Advisors LLC boosted its holdings in ProShares Bitcoin ETF by 19.7% in the third 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 in the last quarter. Legacy Investment Solutions LLC acquired a new position in shares of ProShares Bitcoin ETF in the 3rd quarter valued at $11,254,000. United Capital Management of KS Inc. grew its position in shares of ProShares Bitcoin ETF by 2.8% in the 2nd quarter. United Capital Management of KS Inc. now owns 420,885 shares of the company’s stock valued at $9,474,000 after buying an additional 11,340 shares during the last quarter. IHT Wealth Management LLC raised its stake in ProShares Bitcoin ETF by 100.5% during the 3rd quarter. IHT Wealth Management LLC now owns 196,782 shares of the company’s stock worth $3,619,000 after acquiring an additional 98,643 shares in the last quarter. Finally, Total Investment Management Inc. raised its stake in ProShares Bitcoin ETF by 118.4% during the 3rd quarter. Total Investment Management Inc. now owns 150,982 shares of the company’s stock worth $2,897,000 after acquiring an additional 81,836 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.