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

On Thursday, the ProShares Bitcoin ETF (NYSEARCA:BITO – Get Free Report) saw a notable gap up before trading commenced. The stock closed the previous day at a price of $22.78, only to open significantly higher at $23.56. This positive momentum continued, with the last trade recorded at $23.75. During this trading session, a total of 2,637,365 shares exchanged hands.

ProShares Bitcoin ETF Stock Surge of 1.1%

Currently, the ProShares Bitcoin ETF sits at a 50-day simple moving average of $23.84, while the 200-day simple moving average is $21.31, indicating a potential upward trend.

Institutional Activity Surrounding ProShares Bitcoin ETF

Recent trading activity among institutional investors has seen either an increase or decrease in their stakes in the ProShares Bitcoin ETF. For instance, Hexagon Capital Partners LLC expanded its holdings by an impressive 1,200.0% during the third quarter, bringing their total ownership to 1,300 shares valued at $25,000, after acquiring an additional 1,200 shares. Similarly, LGT Financial Advisors LLC initiated a new position in the ETF worth approximately $28,000 in the same quarter. Hantz Financial Services Inc. also increased its stake by 408.4%, owning now 1,459 shares worth $28,000 after adding 1,172 shares. Venturi Wealth Management LLC made a new investment in the ETF during the third quarter, valued at about $29,000. Additionally, Cedar Mountain Advisors LLC raised its ownership by 57.8%, holding 1,769 shares valued at $34,000 after purchasing an extra 648 shares during the period.

Overview of ProShares Bitcoin ETF

The ProShares Bitcoin Strategy ETF (BITO) primarily focuses on long bitcoin investments while shorting USD currency. This fund actively manages a portfolio of front-month CME bitcoin futures and was launched on October 18, 2021, by ProShares.

ProShares, Bitcoin, ETF