ProShares Bitcoin ETF (NYSEARCA:BITO) Shares Experience a Significant Gap Up

The ProShares Bitcoin ETF (NYSEARCA:BITO – Get Free Report) saw a notable increase in its share price before the trading session on Thursday. The shares closed at $22.78 the previous day, but opened at a higher price of $23.56. By the end of the trading day, ProShares Bitcoin ETF shares were last reported at $23.75, with a trading volume of 2,637,365 shares.

ProShares Bitcoin ETF Stock Performance

The stock’s performance indicates an increase of 1.1%. The ETF's 50-day simple moving average stands at $23.84, while its 200-day simple moving average is $21.31, suggesting a stable upward trend in its value.

Institutional Investment Trends in ProShares Bitcoin ETF

In recent months, several large investors have adjusted their holdings in the ProShares Bitcoin ETF. Notably, Hexagon Capital Partners LLC expanded its stake by an impressive 1,200.0% during the third quarter, now owning 1,300 shares valued at $25,000 after acquiring an additional 1,200 shares. Similarly, LGT Financial Advisors LLC entered a new position in the ETF, investing approximately $28,000 during the same period. Hantz Financial Services Inc. also increased its position by 408.4%, bringing its total to 1,459 shares worth $28,000 after buying an extra 1,172 shares. Additionally, Venturi Wealth Management LLC purchased a new stake valued at around $29,000, and Cedar Mountain Advisors LLC raised its holdings by 57.8%, now owning 1,769 shares valued at $34,000 after buying 648 extra shares.

Overview of ProShares Bitcoin ETF

The ProShares Bitcoin Strategy ETF (BITO) primarily invests in long bitcoin and short U.S. currency. This actively managed fund focuses on a portfolio of front-month CME bitcoin futures. Launched on October 18, 2021, BITO is managed by ProShares, a leading provider of exchange-traded funds.

ProShares, Bitcoin, ETF