SBIT ProShares UltraShort Bitcoin ETF
ETF 31.60 DelayedETF quote, holdings, sector allocation, technicals, and options analytics. Expected move IV rank history Fibonacci levels
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
- 52-Week Range
- $27.36 – $76.52
- YTD
- -24.11%
- IV Rank (30D)
- 43.13
- Straddle Price
- $5.20
- P/C Vol Ratio
- 0.37
- Open
- $31.59
- Day Range
- $31.50 – $31.99
- Volume
- 434,897
- Prev Close
- $29.67
ProShares UltraShort Bitcoin ETF (SBIT) ETF
No description available.
- Exchange
- ARCX
- Inception
- 2024-04-01
- Has Options
- Yes
- Expense ratio
- —
- Assets
- $204M SEC filing, May 31, 2026
- Trailing yield
- 10.21% paid monthly
- Average daily volume
- $41M 30 sessions
- Holdings
- 7 top 10 are 0.0%
- Listed
- Apr 1, 2024 NYSE Arca
Moves with. Bitcoin (100% of its variance, beta -1.99). These factors explain 100% of its daily moves over the last year.
Stated objective. ProShares UltraShort Bitcoin ETF (the Fund) seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Bitcoin Index (the Index). (from the fund's prospectus)
All 7 holdingsFlow historyOverlap toolAll Leveraged & Inverse Crypto ETFs
- May 2026
- +$6.7M latest reported month
- Latest 3 months
- +$78M +38.4% of assets
- Latest 12 months
- +$99M +48.7% of assets
View as a table
| Month | Net flow |
|---|---|
| May 2026 | +$6.7M |
| Apr 2026 | +$29M |
| Mar 2026 | +$42M |
| Feb 2026 | −$18M |
| Jan 2026 | +$11M |
| Dec 2025 | +$27M |
| Nov 2025 | −$16M |
| Oct 2025 | +$1.5M |
| Sep 2025 | +$4.0M |
| Aug 2025 | −$5.3M |
| Jul 2025 | +$17M |
| Jun 2025 | −$410K |
Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 27 months ago
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| BITX2x Bitcoin ETF | — | 2.75% | $1.0B | −60.9% | compare |
| ETHU2x Ether ETF | — | 2.97% | $791M | −77.5% | compare |
| BITUProShares Ultra Bitcoin ETF | — | 0.95% | $447M | −68.6% | compare |
| ETHTProShares Ultra Ether ETF | — | — | $199M | −79.2% | compare |
| BITIProShares Short Bitcoin ETF | — | 1.03% | $177M | −7.6% | compare |
The largest other funds in the Leveraged & Inverse Crypto category.
- Authorized participants
- 6 active of 39 with agreements; top 3 did 66%
- Created · redeemed
- $544M · $448M over the fiscal year
- Redemptions in kind
- 0% creations 0% in kind
- Creation unit
- 10,000 shares
- Securities lending
- authorized, none lent
- Diversification status
- Non-diversified may concentrate in fewer issuers
From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-10-01 | 2026-10-07 | $0.0579 | CD |
| 2026-09-01 | 2026-09-08 | $0.1628 | CD |
| 2026-08-03 | 2026-08-07 | $0.5157 | CD |
| 2026-07-01 | 2026-07-08 | $0.4319 | CD |
| 2026-06-01 | 2026-06-05 | $0.0471 | CD |
| 2026-05-01 | 2026-05-07 | $0.0345 | CD |
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| — | Net Other Assets (Liabilities) | 100.00% | Cash/Money Market | — |
| — | BITCOIN TRUST (IBIT) SWAP MAREX | -12.98% | Derivative | — |
| — | BITCOIN TRUST (IBIT) SWAP Nomura | -13.05% | Derivative | — |
| — | BITCOIN TRUST (IBIT) SWAP GOLDMAN | -15.16% | Derivative | — |
| — | BITCOIN TRUST SWAP (FBTC) CITIBANK NA | -18.26% | Derivative | — |
| — | CME BITCOIN FUT DIGITAL ASSETS 30/OCT/2026 BTCV6 CURNCY | -33.05% | Derivative | — |
| — | BITCOIN TRUST (IBIT) SWAP BARCLAYS CAPITAL | -107.51% | Derivative | — |
| Category | Weight | Value | Positions |
|---|---|---|---|
| Repurchase agreement | 17.00% | $34.6M | 4 |
| Derivative (commodity) | 2.87% | $5.9M | 1 |
| Derivative (equity) | 0.61% | $1.2M | 4 |
| Month | '24 | '25 | '26 | Avg |
|---|---|---|---|---|
| Jan | -- | -11.41% | 11.07% | -0.17% |
| Feb | -- | 40.25% | 24.24% | 32.24% |
| Mar | -- | 1.55% | -0.30% | 0.62% |
| Apr | 18.61% | -23.78% | -21.79% | -8.99% |
| May | -32.92% | -16.22% | 12.90% | -12.08% |
| Jun | 29.42% | -7.18% | 40.89% | 21.04% |
| Jul | -12.41% | -19.67% | -10.23% | -14.10% |
| Aug | 2.26% | 6.56% | -37.02% | -9.40% |
| Sep | -19.79% | -7.40% | -17.90% | -15.03% |
| Oct | -25.27% | 10.90% | 7.12%* | -2.42% |
| Nov | -55.21% | 31.85% | -- | -11.68% |
| Dec | -0.17% | -7.19% | -- | -3.68% |
| Total | -75.28% | -19.55% | -14.90% | -36.58% |
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
Momentum Oscillators
Volume & Volatility
Data Summary
SBIT Stock Analysis Report
Executive Summary
Overall Assessment: BEARISH | Confidence: 7/10
SBIT (ProShares UltraShort Bitcoin ETF) is a -2x leveraged inverse Bitcoin fund in a structurally challenged position. The fund's design intentionally profits from Bitcoin price declines, but recent Bitcoin strength has created significant headwinds. With Bitcoin trading near all-time highs in late 2024/early 2025, this inverse fund faces both structural decay (daily reset mechanics) and negative directional momentum.
Investment Thesis: SBIT is a tactical short-volatility bet on Bitcoin that has deteriorated as Bitcoin has rallied. The fund's negative beta (-3.52) and inverse positioning make it suitable only for sophisticated traders seeking Bitcoin downside exposure or portfolio hedges during crypto bear markets—not for buy-and-hold investors.
Recent News Sentiment Impact: No recent news available for analysis. This lack of news coverage is itself notable for an $133M fund, suggesting limited institutional attention and retail-focused positioning.
Technical Analysis
Trend Direction
-
Short-term (1-4 weeks): BEARISH
- Price at $31.90 sits above SMA 20 ($30.26) but well below SMA 50 ($37.39) and SMA 200 ($48.56)
- The stock is in a downtrend from elevated levels but showing near-term stabilization
- Distance from 52-week resistance suggests mean reversion possibility within narrow range
-
Medium-term (1-3 months): BEARISH
- Price 14.7% below SMA 50 and 34.3% below SMA 200 indicates prolonged downtrend
- EMA 12 ($31.13) above EMA 26 ($32.63) suggests weakening bearish momentum but no bullish reversal
-
Long-term (3-12 months): BEARISH
- Massive 34.3% gap below 200-day MA ($48.56 vs current $31.90) signals extended downtrend
- This reflects Bitcoin's sustained rally, which is the direct inverse of SBIT's profit mechanism
Support/Resistance Levels
| Level | Type | Distance | Significance | |-------|------|----------|--------------| | $28.19 | Bollinger Band Lower | -11.6% downside | Strong technical floor | | $30.26 | SMA 20 | -5.1% downside | Near-term support | | $32.33 | Bollinger Band Upper | +1.3% upside | Immediate resistance | | $37.39 | SMA 50 | +17.2% upside | Key medium-term resistance | | $48.56 | SMA 200 | +52.2% upside | Major structural resistance |
Critical observation: Price is trading within Bollinger Bands with bands compressed (width 13.67), suggesting low volatility regime and potential for mean reversion. Price near the middle band ($30.26) indicates equilibrium, but the wider historical context shows this is near the bottom of a sustained bear market for the fund.
Momentum Signals
RSI (14): 46.22 — NEUTRAL
- Mid-range reading indicates no overbought/oversold extremes
- Neither a buy nor sell signal; reflects choppy consolidation
- Room to move in either direction without extreme conditions
MACD: -1.50 / Signal: 0.75 / Histogram: -2.25 — BEARISH CROSSOVER
- MACD line (-1.50) sits below signal line (0.75), confirming bearish positioning
- Histogram of -2.25 shows deteriorating momentum
- No immediate bullish crossover visible in current structure
Williams %R: -25.68 — NEUTRAL TO SLIGHTLY BULLISH
- Positive reading near zero suggests price has pulled back from recent highs in the fund's range
- Stochastic %K (72.66) and %D (68.51) both elevated, suggesting price at upper end of its recent trading range
- This creates a technical divergence: stochastic suggesting overbought, but Williams %R suggesting neutral
Bollinger Bands: NEUTRAL SQUEEZE
- Width of 13.67 is relatively narrow, indicating low volatility
- Price near middle band ($30.26) = no extreme positioning
- Band width compression suggests potential for breakout (either direction)—historically favors the primary trend (downside for SBIT)
Volume Analysis
Volume Rate of Change: -61.19% — DECLINING ENGAGEMENT
- Massive 61% drop in volume relative to 20-day average (1,389,750)
- This is a major red flag for a leveraged inverse fund: declining volume + downtrend = structural decay accelerating
- Low volume on down days suggests weak selling conviction and potential for snap rallies
On-Balance Volume: 33,752,665.15
- OBV value is difficult to interpret without trend context, but combined with declining volume rate, suggests institutional capital is exiting or staying sidelined
- Typical pattern for ETFs with negative performance momentum
Institutional Interest Assessment:
- Volume 61% below average = retail trading only, minimal institutional support
- This is problematic for an inverse fund because it indicates the bearish thesis on Bitcoin is not attracting professional capital
News & Sentiment Analysis
Recent Headlines Summary
No recent news available for SBIT.
This absence is significant. A $133M fund with no recent news coverage suggests:
- Minimal institutional research coverage
- Lack of mainstream investor interest
- Fund treated as a tactical/specialty instrument rather than strategic holding
- Reddit/retail trading forums likely primary information source
Sentiment Assessment: NEUTRAL (No Data)
Without news, sentiment assessment must rely entirely on technical positioning and fund flows.
Catalyst Identification
Immediate (1-7 days):
- Bitcoin price action dominates: Any sharp drop in Bitcoin toward $95-100K range could spark relief rally in SBIT
- Options market pricing $0.75 move over 7 days—very tight range suggests consolidation before directional break
Near-term (1-4 weeks):
- Federal Reserve policy: Interest rate cuts could weaken USD and support Bitcoin (negative for SBIT)
- Bitcoin halving cycle effects: Historical patterns show post-halving rallies; fund is inverse to this
- Crypto regulation news: Positive regulatory headlines for Bitcoin = negative for SBIT
Medium-term (1-3 months):
- Broader market correlation: Despite -3.52 beta vs SPY, macro trends (risk-on/risk-off) still matter for Bitcoin
- Bitcoin spot ETF flows: Massive inflows into IBIT/FBTC (the funds SBIT is shorting) suggest structural headwinds for inverse products
Market Narrative
The core narrative: Bitcoin is in a strong bull market, making SBIT's inverse positioning deeply out of favor. The fund's structure requires Bitcoin weakness to perform, but dominant macro themes (Fed easing cycle ending, inflation stabilizing, crypto as inflation hedge) support continued Bitcoin strength. This creates a "fighting the trend" scenario that leveraged inverse funds consistently lose.
Risk & Volatility Assessment
Beta Interpretation: -3.52 (vs SPY)
This is the most critical number for understanding SBIT:
- Magnitude (-3.52): For every 1% move up in the S&P 500, SBIT moves down 3.52%
- Sign (negative): SBIT moves opposite to equity market direction
- Implication: SBIT has extreme negative correlation; it's designed as a Bitcoin short, not a market hedge
Why -3.52 and not -2.0?
- Stated leverage is -2x daily, but the beta includes the multiplier effect of Bitcoin's volatility relative to SPY
- Bitcoin is ~3.5x more volatile than SPY in current regime
- Result: compounding effect creates -3.52 beta
Risk Assessment: This is extreme systematic risk. Investors are not buying SBIT for market hedging—they're making a directional Bitcoin bet.
Volatility Regime
Current Regime: HIGH VOLATILITY
- Historical Volatility 20-day: 62.3%
- Historical Volatility 30-day: 71.5%
- Historical Volatility 60-day: 77.7%
- Trend: Volatility declining over longer periods (77.7% → 71.5% → 62.3%), suggesting stabilization
**IV Premium vs
SBIT Options Activity & IV Rank
SBIT IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Options Flow
ATM Options Pricing
Chain Summary
Each spread is ranked by a composite score built in three stages. Full documentation →
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Estimated net dealer gamma is at the 28th percentile of this name's own daily history, within its typical range. This describes current positioning; it is not a forecast or a trading signal.
Net dealer gamma is an estimate of the aggregate gamma held by options market makers across this name's option chain, weighted by open interest. Dealer positions aren't public, so it uses a standard simplifying assumption: dealers are treated as long the calls and short the puts that are open. Actual dealer books can differ.
Gamma percentile ranks today's estimate against this name's own daily history, from 0% (the lowest reading on record) to 100% (the highest). Raw gamma scales with how much open interest a chain carries, so it isn't comparable across names; the percentile is. The badge marks the bottom 20% as low and the top 20% as high.
Tilts run from −1 to +1 and show how lopsided the estimated dealer exposure is. GEX tilt compares call gamma with put gamma. Vanna tilt describes how the hedge would shift if implied volatility changed, and charm tilt how it would shift with the passage of time.
This card describes estimated positioning and where it sits historically. It is not a forecast of price direction or volatility and not a trading signal. Market-wide view: Dealer positioning screener.
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Enter a ticker to render the implied volatility surface.
Enter a ticker to render the implied volatility smile.
Risk Metrics
Analysis Details
Data Points: 251
Period: 252 trading days
Negative beta - stock moves opposite to market
SBIT Institutional Ownership (13F)
Latest filings — 2026-06-30Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Citadel Advisors LLC Custodian | $4.34M | 54.72% | 2026-06-30 |
| 2 | Jane Street Group, LLC Custodian | $3.01M | 37.94% | 2026-06-30 |
| 3 | Belvedere Trading LLC | $376.00K | 4.74% | 2026-06-30 |
| 4 | Wolverine Trading, LLC Custodian | $206.25K | 2.60% | 2025-09-30 |
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Citadel Advisors LLC Custodian | $1.46M | 45.75% | 2026-06-30 |
| 2 | Jane Street Group, LLC Custodian | $1.37M | 42.92% | 2026-06-30 |
| 3 | Belvedere Trading LLC | $362.08K | 11.33% | 2026-06-30 |
Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.
- Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
- SI % of Float — short interest / free float. The key crowding metric.
- Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
- Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
- Free Float — shares available for public trading (total shares minus insider / restricted).
- Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.
- SI % of Float < 5% — typical, no particular signal.
- 5–15% — elevated; watch for catalysts (earnings, guidance, macro).
- 15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
- >30% — extreme; borrow is likely expensive and squeeze risk is material.
- Days to Cover > 5 combined with high SI% amplifies squeeze potential.
- Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
- A sudden drop in SI after a rally may indicate a squeeze in progress.
Short interest is reported mid-month and end-of-month; short volume is daily.
Click any bar to view the full quote for that stock.
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
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