ProShares Short Bitcoin ETF (NYSEARCA:BITI) Short Interest Up 23.5% in March
by Danessa Lincoln · The Markets DailyProShares Short Bitcoin ETF (NYSEARCA:BITI – Get Free Report) saw a large growth in short interest during the month of March. As of March 13th, there was short interest totaling 533,307 shares, a growth of 23.5% from the February 26th total of 431,909 shares. Currently, 10.0% of the company’s shares are sold short. Based on an average trading volume of 2,443,368 shares, the days-to-cover ratio is currently 0.2 days.
ProShares Short Bitcoin ETF Trading Down 0.7%
NYSEARCA:BITI opened at $27.21 on Tuesday. The company has a market cap of $144.49 million, a price-to-earnings ratio of -6.75 and a beta of -1.44. ProShares Short Bitcoin ETF has a twelve month low of $16.58 and a twelve month high of $30.93. The stock has a fifty day simple moving average of $26.23 and a 200-day simple moving average of $22.66.
ProShares Short Bitcoin ETF Increases Dividend
The business also recently declared a monthly dividend, which was paid on Friday, March 6th. Investors of record on Monday, March 2nd were paid a $0.953 dividend. The ex-dividend date of this dividend was Monday, March 2nd. This represents a c) annualized dividend and a yield of 42.0%. This is a boost from ProShares Short Bitcoin ETF’s previous monthly dividend of $0.31. ProShares Short Bitcoin ETF’s payout ratio is -39.21%.
Institutional Investors Weigh In On ProShares Short Bitcoin ETF
Large investors have recently added to or reduced their stakes in the stock. Federation des caisses Desjardins du Quebec increased its position in shares of ProShares Short Bitcoin ETF by 1,250.0% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 2,700 shares of the company’s stock worth $63,000 after acquiring an additional 2,500 shares during the period. Simplex Trading LLC purchased a new stake in shares of ProShares Short Bitcoin ETF in the fourth quarter valued at approximately $163,000. Jump Financial LLC bought a new position in ProShares Short Bitcoin ETF in the fourth quarter worth approximately $200,000. Tower Research Capital LLC TRC grew its stake in ProShares Short Bitcoin ETF by 136.3% in the second quarter. Tower Research Capital LLC TRC now owns 15,081 shares of the company’s stock worth $297,000 after purchasing an additional 8,700 shares in the last quarter. Finally, Sykon Capital LLC purchased a new position in ProShares Short Bitcoin ETF during the 4th quarter worth $209,000. 30.27% of the stock is owned by hedge funds and other institutional investors.
About ProShares Short Bitcoin ETF
The ProShares Trust – ProShares Short Bitcoin Strategy ETF (BITI) is an exchange-traded fund that is based on the S&P CME Bitcoin Futures index. The fund tracks the inverse daily price movements of an index of front-month CME bitcoin futures. It aims to profit from the price decline of bitcoin. BITI was launched on Jun 21, 2022 and is managed by ProShares.