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

Shares of ProShares Bitcoin ETF (NYSEARCA:BITO) gapped up prior to trading on Friday . The stock had previously closed at $16.99, but opened at $17.48. ProShares Bitcoin ETF shares last traded at $17.50, with a volume of 1,005,011 shares trading hands.

ProShares Bitcoin ETF Stock Up 5.8 %

The stock has a fifty day moving average price of $18.56 and a 200-day moving average price of $23.19.

Hedge Funds Weigh In On ProShares Bitcoin ETF

A number of hedge funds and other institutional investors have recently bought and sold shares of BITO. Oppenheimer & Co. Inc. increased its position in ProShares Bitcoin ETF by 12.9% during the 1st quarter. Oppenheimer & Co. Inc. now owns 11,979 shares of the company’s stock worth $387,000 after purchasing an additional 1,373 shares during the period. Natixis purchased a new stake in shares of ProShares Bitcoin ETF in the first quarter valued at approximately $40,000. CreativeOne Wealth LLC acquired a new position in ProShares Bitcoin ETF during the first quarter worth $217,000. Mirador Capital Partners LP purchased a new position in ProShares Bitcoin ETF in the first quarter worth $367,000. Finally, Park Edge Advisors LLC acquired a new stake in ProShares Bitcoin ETF in the first quarter valued at $1,105,000.

ProShares Bitcoin ETF Company Profile

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.