ProShares Bitcoin ETF (NYSEARCA:BITO) Shares Gap Up – Here’s What Happened

On Thursday, ProShares Bitcoin ETF (NYSEARCA:BITO – Get Free Report) saw a notable increase in its stock price before trading began. Previously, the shares closed at $22.78 but opened at a higher price of $23.56. The last recorded trade for ProShares Bitcoin ETF shares was at $23.75, with a substantial trading volume of 2,637,365 shares.

ProShares Bitcoin ETF Stock Up 1.1%

The ETF's performance includes a 1.1% increase on the day. The firm's 50-day simple moving average stands at $23.84, while its 200-day simple moving average is reported at $21.31.

Institutional Trading of ProShares Bitcoin ETF

Recently, several large investors have adjusted their positions in the ProShares Bitcoin ETF. For instance, Hexagon Capital Partners LLC significantly increased its stake in the ETF by 1,200.0% during the third quarter, now holding 1,300 shares valued at approximately $25,000 following the acquisition of an additional 1,200 shares. Other investments include LGT Financial Advisors LLC, which bought into the ETF with a new position valued at about $28,000, and Hantz Financial Services Inc., which increased its stake by 408.4% during the same period, acquiring an extra 1,172 shares. Venturi Wealth Management LLC also established a new stake worth roughly $29,000 in the ETF. Additionally, Cedar Mountain Advisors LLC raised its holdings by 57.8%, now totaling 1,769 shares after purchasing an extra 648 shares recently.

About ProShares Bitcoin ETF

The ProShares Bitcoin Strategy ETF (BITO) primarily focuses on long Bitcoin and short USD currency investments. The fund actively manages a portfolio of front-month CME Bitcoin futures and was launched on October 18, 2021, by ProShares.

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ProShares, Bitcoin, ETF