ProShares Bitcoin Strategy ETF (BITO) Tumbles 7.5% As Bitcoin Price Drops Below $40K – MarketBeat

Shares of ProShares Bitcoin Strategy ETF (NYSEARCA:BITO – Get Free Report) fell 7.5% during mid-day trading on Friday. The company traded as low as $19.40 and last traded at $19.58.

Shares of ProShares Bitcoin Strategy ETF (NYSEARCA:BITO) fell on Friday, continuing a recent decline in the ETF’s price.

BITO shares fell 7.5% on Friday, trading as low as $19.40 and last seen at $19.58. Only 3,052,214 shares changed hands during mid-day trading on Friday, a sharp decline compared to the average session volume of 16,633,629 shares. The stock previously closed at $21.16.

The company's 50-day simple moving average is $25.27 and its 200-day simple moving average is $25.50.

Institutions that own ProShares Bitcoin Strategy ETF experienced a net decrease in their holdings during the last quarter, as several hedge funds trimmed their positions. In the fourth quarter, Larson Financial Group LLC increased its stake in ProShares Bitcoin Strategy ETF shares by 19.5%, bringing its total holdings to 3,230 shares, valued at $66,000. Natixis also initiated a new position in ProShares Bitcoin Strategy ETF during the first quarter, acquiring shares valued at $40,000. Geneos Wealth Management Inc. also made a new purchase in the fourth quarter, acquiring shares in ProShares Bitcoin Strategy ETF for a total value of $25,000. Gradient Investments LLC increased its stake in ProShares Bitcoin Strategy ETF by 5.1% during the fourth quarter, with the fund now holding 35,757 shares, valued at $733,000.

The ProShares Bitcoin Strategy ETF (BITO) is an exchange-traded fund that primarily 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.

Institutions that own ProShares Bitcoin Strategy ETF experienced a net decrease in their holdings during the last quarter, as several hedge funds trimmed their positions. In the fourth quarter, Larson Financial Group LLC increased its stake in ProShares Bitcoin Strategy ETF shares by 19.5%, bringing its total holdings to 3,230 shares, valued at $66,000. In the first quarter, Natixis purchased a new position in ProShares Bitcoin Strategy ETF, acquiring shares valued at $40,000. Geneos Wealth Management Inc. also made a new purchase in the fourth quarter, acquiring shares in ProShares Bitcoin Strategy ETF for a total value of $25,000. Gradient Investments LLC increased its stake in ProShares Bitcoin Strategy ETF by 5.1% during the fourth quarter, with the fund now holding 35,757 shares, valued at $733,000.

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.

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