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

On Thursday, shares of the ProShares Bitcoin ETF (NYSEARCA:BITO – Get Free Report) experienced a notable gap up in pre-market trading. The ETF closed the previous day at $22.78 but opened significantly higher at $23.56. By the end of the trading session, the ProShares Bitcoin ETF was last seen trading at $23.75, with an impressive trading volume of 2,637,365 shares.

ProShares Bitcoin ETF Stock Up 1.1%

The performance of the ProShares Bitcoin ETF has shown a modest increase of 1.1%. Its 50-day simple moving average currently sits at $23.84, while its 200-day simple moving average is recorded at $21.31, indicating a healthy trend in its stock performance.

Institutional Trading of ProShares Bitcoin ETF

Recent institutional trading activity highlights a significant shift in investor interest towards the ProShares Bitcoin ETF. Hexagon Capital Partners LLC made a remarkable increase in its holdings by raising its stake by 1,200.0% during the third quarter. The firm now holds 1,300 shares worth approximately $25,000 after acquiring an additional 1,200 shares. Similarly, LGT Financial Advisors LLC entered the market with a new position valued around $28,000. Hantz Financial Services Inc. also increased its investment by 408.4%, now owning 1,459 shares valued at $28,000 thanks to an addition of 1,172 shares last quarter. Other notable movements include Venturi Wealth Management LLC, which took a new stake valued at about $29,000, and Cedar Mountain Advisors LLC, boosting its holdings by 57.8%, owning 1,769 shares now worth $34,000 after an increase of 648 shares.

About ProShares Bitcoin ETF

The ProShares Bitcoin Strategy ETF (BITO) is an exchange-traded fund that focuses on investing predominantly in long positions on Bitcoin while shorting U.S. currency. This fund actively manages a portfolio of front-month CME Bitcoin futures and was launched on October 18, 2021, by ProShares.

ETF, Bitcoin, Trading