ProShares Bitcoin ETF (NYSEARCA:BITO) Experiences a Significant Jump in Shares

On Thursday, the ProShares Bitcoin ETF (NYSEARCA:BITO – Get Free Report) saw its shares gap up significantly before the trading session began. The stock, which had closed at $22.78, opened notably higher at $23.56. As trading progressed, shares were last seen at $23.75, with a substantial trading volume of 2,637,365 shares exchanged.

ProShares Bitcoin ETF Stock Rises 1.1%

The stock has increased by 1.1%, and its current 50-day simple moving average stands at $23.84, while the 200-day simple moving average is positioned at $21.31. This upward movement indicates positive market sentiment surrounding the ETF.

Changes in Institutional Holdings of ProShares Bitcoin ETF

Recently, several large investors have made notable adjustments to their holdings in ProShares Bitcoin ETF. For instance, Hexagon Capital Partners LLC dramatically increased its stake in the ETF by an impressive 1,200.0% during the third quarter, now holding 1,300 shares valued at approximately $25,000 after boosting its holdings by an additional 1,200 shares. Moreover, LGT Financial Advisors LLC entered a new position valued at around $28,000 during the same period.

Hantz Financial Services Inc. also expanded its investment in ProShares Bitcoin ETF, raising its stake by 408.4%. They now own 1,459 shares worth $28,000, following the acquisition of 1,172 additional shares. Venturi Wealth Management LLC made its entry into the ProShares Bitcoin ETF in the third quarter with a new stake worth roughly $29,000. Cedar Mountain Advisors LLC further increased its position by 57.8%, bringing its holdings to 1,769 shares valued at $34,000 after buying an additional 648 shares during the quarter.

Overview of ProShares Bitcoin ETF

The ProShares Bitcoin Strategy ETF (BITO) primarily focuses on long Bitcoin positions while shorting U.S. dollars. The ETF actively manages a portfolio of front-month CME Bitcoin futures contracts, allowing investors to gain exposure to Bitcoin's price movements. BITO was launched on October 18, 2021, and is managed by ProShares.

ETF, Bitcoin, Trading