ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT) Sees Significant Decrease in Short Interest

by · The Markets Daily

ProShares Ultra Short Bitcoin ETF (NYSEARCA:SBIT – Get Free Report) was the target of a large drop in short interest during the month of July. As of July 31st, there was short interest totaling 96,663 shares, a drop of 45.4% from the July 15th total of 177,036 shares. Based on an average trading volume of 507,611 shares, the days-to-cover ratio is currently 0.2 days. Approximately 3.2% of the company’s shares are short sold.

ProShares Ultra Short Bitcoin ETF Stock Down 4.4%

Shares of NYSEARCA SBIT traded down $2.60 during trading on Monday, hitting $55.90. 474,918 shares of the company were exchanged, compared to its average volume of 1,391,780. The company has a fifty day moving average price of $59.15 and a 200-day moving average price of $54.45. ProShares Ultra Short Bitcoin ETF has a 12-month low of $23.60 and a 12-month high of $76.51.

Hedge Funds Weigh In On ProShares Ultra Short Bitcoin ETF

A number of institutional investors have recently bought and sold shares of the company. Group One Trading LLC boosted its holdings in ProShares Ultra Short Bitcoin ETF by 4,555.3% in the 1st quarter. Group One Trading LLC now owns 10,940 shares of the company’s stock valued at $623,000 after purchasing an additional 10,705 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of ProShares Ultra Short Bitcoin ETF during the 4th quarter worth about $247,000. Jump Financial LLC raised its stake in shares of ProShares Ultra Short Bitcoin ETF by 161.1% in the 4th quarter. Jump Financial LLC now owns 27,071 shares of the company’s stock valued at $1,189,000 after acquiring an additional 16,703 shares during the period. StoneX Group Inc. purchased a new stake in ProShares Ultra Short Bitcoin ETF in the fourth quarter valued at approximately $226,000. Finally, Simplex Trading LLC purchased a new stake in shares of ProShares Ultra Short Bitcoin ETF in the 4th quarter valued at $2,368,000.

About ProShares Ultra Short Bitcoin ETF

(Get Free Report)

The ProShares UltraShort Bitcoin ETF (SBIT) is an exchange-traded fund that is based on the Bloomberg Bitcoin index. The fund tracks -2x the daily price movements of an index that measures the price of Bitcoin. The fund uses swaps to provide inverse exposure to Bitcoin. SBIT was launched on Apr 2, 2024 and is issued by ProShares.

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