ProShares Short Bitcoin ETF (NYSEARCA:BITI) Sees Large Drop in Short Interest
by Scott Moore · The Cerbat GemProShares Short Bitcoin ETF (NYSEARCA:BITI – Get Free Report) was the target of a significant decrease in short interest in December. As of December 15th, there was short interest totaling 221,350 shares, a decrease of 39.3% from the November 30th total of 364,440 shares. Approximately 4.9% of the shares of the company are short sold. Based on an average daily volume of 3,024,174 shares, the days-to-cover ratio is currently 0.1 days. Based on an average daily volume of 3,024,174 shares, the days-to-cover ratio is currently 0.1 days. Approximately 4.9% of the shares of the company are short sold.
ProShares Short Bitcoin ETF Stock Down 0.9%
BITI traded down $0.20 during trading on Tuesday, reaching $23.07. 3,239,209 shares of the company’s stock were exchanged, compared to its average volume of 2,026,462. The company has a market capitalization of $104.28 million, a P/E ratio of -5.72 and a beta of -1.44. The business has a 50 day moving average price of $21.69 and a 200 day moving average price of $19.69. ProShares Short Bitcoin ETF has a fifty-two week low of $16.58 and a fifty-two week high of $28.23.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC grew its stake in shares of ProShares Short Bitcoin ETF by 136.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 15,081 shares of the company’s stock valued at $297,000 after purchasing an additional 8,700 shares during the period. Group One Trading LLC acquired a new position in ProShares Short Bitcoin ETF during the second quarter worth $207,000. XTX Topco Ltd bought a new position in shares of ProShares Short Bitcoin ETF during the second quarter valued at $230,000. Jump Financial LLC acquired a new stake in shares of ProShares Short Bitcoin ETF in the 1st quarter valued at $452,000. Finally, CreativeOne Wealth LLC bought a new stake in shares of ProShares Short Bitcoin ETF in the 1st quarter worth about $612,000. Institutional investors own 30.27% of the company’s stock.
About ProShares Short Bitcoin ETF
The ProShares Trust – ProShares Short Bitcoin Strategy ETF (BITI) is an exchange-traded fund that is based on the S&P CME Bitcoin Futures index. The fund tracks the inverse daily price movements of an index of front-month CME bitcoin futures. It aims to profit from the price decline of bitcoin. BITI was launched on Jun 21, 2022 and is managed by ProShares.