ProShares Bitcoin ETF (NYSEARCA:BITO) Shares Down 4.5% – Time to Sell?

ProShares Bitcoin ETF (NYSEARCA:BITO) traded down 4.5% during mid-day trading on Monday . The company traded as low as $25.35 and last traded at $25.50. 10,197,405 shares changed hands during trading, a decline of 26% from the average session volume of 13,873,529 shares. The stock had previously closed at $26.69.

ProShares Bitcoin ETF Stock Performance

The firm’s 50 day moving average price is $20.53 and its 200-day moving average price is $21.63.

Institutional Investors Weigh In On ProShares Bitcoin ETF

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Toronto Dominion Bank acquired a new position in shares of ProShares Bitcoin ETF during the 1st quarter worth approximately $484,000. Cedar Mountain Advisors LLC raised its holdings in shares of ProShares Bitcoin ETF by 112.7% during the 2nd quarter. Cedar Mountain Advisors LLC now owns 1,121 shares of the company’s stock worth $25,000 after acquiring an additional 594 shares during the period. Thrive Wealth Management LLC boosted its position in shares of ProShares Bitcoin ETF by 16.6% during the 2nd quarter. Thrive Wealth Management LLC now owns 10,290 shares of the company’s stock valued at $232,000 after acquiring an additional 1,464 shares during the last quarter. Dynamic Advisor Solutions LLC grew its position in ProShares Bitcoin ETF by 5.3% in the second quarter. Dynamic Advisor Solutions LLC now owns 40,331 shares of the company’s stock worth $908,000 after acquiring an additional 2,036 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its position in ProShares Bitcoin ETF by 6.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 21,723 shares of the company’s stock valued at $489,000 after buying an additional 1,300 shares during 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.