ProShares Bitcoin ETF (NYSEARCA:BITO) Shares Gap Up – Still a Buy?

Shares of ProShares Bitcoin ETF (NYSEARCA:BITO) gapped up before the market opened on Wednesday . The stock had previously closed at $24.40, but opened at $25.34. ProShares Bitcoin ETF shares last traded at $25.34, with a volume of 943,754 shares traded.

ProShares Bitcoin ETF Stock Performance

The business’s 50-day simple moving average is $20.37 and its two-hundred day simple moving average is $21.60.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of BITO. Toronto Dominion Bank acquired a new position in ProShares Bitcoin ETF during the 1st quarter worth about $484,000. Cedar Mountain Advisors LLC boosted its stake in shares of ProShares Bitcoin ETF by 112.7% in the second quarter. Cedar Mountain Advisors LLC now owns 1,121 shares of the company’s stock valued at $25,000 after purchasing an additional 594 shares during the period. Thrive Wealth Management LLC boosted its stake in shares of ProShares Bitcoin ETF by 16.6% in the second quarter. Thrive Wealth Management LLC now owns 10,290 shares of the company’s stock valued at $232,000 after purchasing an additional 1,464 shares during the period. Dynamic Advisor Solutions LLC grew its holdings in shares of ProShares Bitcoin ETF by 5.3% in the second quarter. Dynamic Advisor Solutions LLC now owns 40,331 shares of the company’s stock valued at $908,000 after purchasing an additional 2,036 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in ProShares Bitcoin ETF by 6.4% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 21,723 shares of the company’s stock worth $489,000 after buying an additional 1,300 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.