BITO Stock Summary and Trading Ideas (ProShares Bitcoin Strategy ETF | :BITO)

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 September 18, 2024, BITO stock price climbed to $18.19 with 8,179,909 million shares trading.

BITO has a beta of 0.02, meaning it tends to be less sensitive to market movements. BITO has a correlation of 0.00 to the broad based SPY ETF.

BITO has a market cap of $1.83 billion. This is considered a Small Cap stock.

BITO has outperformed the market in the last year with a price return of +107.1% while the SPY ETF gained +27.7%. However, in the short term, BITO had mixed performance relative to the market. It has underperformed in the last 3 months, returning -7.7% vs +2.7% return in SPY. But in the last 2 weeks, BITO shares have fared better than the market returning +3.2% compared to SPY +1.9%.

BITO support price is $17.60 and resistance is $18.76 (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.