ProShares Short Bitcoin ETF to Execute 1-for-5 Reverse Stock Split Starting November 7, 2024
ProShares Short Bitcoin ETF to Execute 1-for-5 Reverse Stock Split on November 7, 2024
What is a Reverse Stock Split?
A reverse stock split combines multiple existing shares into a smaller number of shares, potentially boosting the stock price without changing the company’s overall market value. Companies often use this strategy to support the share price, sometimes as a response to financial challenges.
ProShares Short Bitcoin ETF (BITI.US) has announced that it will carry out a 1-for-5 reverse stock split effective November 7, 2024. Starting on this date, BITI shares will trade on a split-adjusted basis. The announcement was made on November 5 (Eastern Time), with BITI shares closing up 2.81% at $6.96 on November 4, trading a volume of $58.49 million.
Note: The reverse split’s final execution will depend on the completed disclosure to the exchange. This information is for reference purposes only.
