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

ProShares Bitcoin ETF (NYSEARCA:BITO)’s share price gapped up prior to trading on Monday . The stock had previously closed at $18.82, but opened at $20.81. ProShares Bitcoin ETF shares last traded at $20.27, with a volume of 5,476,474 shares changing hands.

ProShares Bitcoin ETF Price Performance

The stock’s 50 day simple moving average is $23.06 and its 200 day simple moving average is $21.75.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of BITO. Geneos Wealth Management Inc. grew its position in shares of ProShares Bitcoin ETF by 9.3% during the 4th quarter. Geneos Wealth Management Inc. now owns 5,474 shares of the company’s stock worth $125,000 after buying an additional 464 shares in the last quarter. Harbour Investments Inc. grew its holdings in ProShares Bitcoin ETF by 18.8% during the 4th quarter. Harbour Investments Inc. now owns 2,944 shares of the company’s stock worth $67,000 after acquiring an additional 466 shares in the last quarter. Brookstone Capital Management increased its position in ProShares Bitcoin ETF by 4.0% during the 4th quarter. Brookstone Capital Management now owns 13,489 shares of the company’s stock valued at $307,000 after purchasing an additional 517 shares during the period. PFG Investments LLC raised its holdings in shares of ProShares Bitcoin ETF by 2.2% in the 4th quarter. PFG Investments LLC now owns 26,845 shares of the company’s stock valued at $612,000 after purchasing an additional 582 shares in the last quarter. Finally, Caitlin John LLC lifted its position in shares of ProShares Bitcoin ETF by 35.7% in the 4th quarter. Caitlin John LLC now owns 3,114 shares of the company’s stock worth $71,000 after purchasing an additional 820 shares during the period.

About ProShares Bitcoin ETF

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.