17-May-2024
No headlines found.
ProShares Launches First ETF to Target 2x Daily Bitcoin Returns
Business Wire (Tue, 2-Apr 8:30 AM ET)
ProShares Bitcoin Strategy ETF (BITO) is the first U.S. bitcoin-linked ETF offering investors an opportunity to gain exposure to bitcoin returns in a convenient, liquid and transparent way. The Fund seeks to provide capital appreciation primarily through managed exposure to bitcoin futures contracts.
ProShares Bitcoin Strategy ETF trades on the stock market under the symbol BITO.
As of May 17, 2024, BITO stock price climbed to $27.22 with 9,046,634 million shares trading.
BITO has a beta of -0.36, meaning it tends to be less sensitive to market movements. BITO has a correlation of 0.01 to the broad based SPY ETF.
BITO has a market cap of $2.22 billion. This is considered a Mid Cap stock.
BITO has outperformed the market in the last year with a price return of +108.8% while the SPY ETF gained +29.1%. BITO has also outperformed the stock market ETF in the last 3 month and 2 week periods returning +25.0% and +7.9%, respectively, while the SPY returned +6.3% and +3.6%, respectively.
BITO support price is $25.71 and resistance is $27.28 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that BITO stock will trade within this expected range on the day.