Advanced URL Shortener add-on for Google Sheets lets you to shorten/expand multiple long/short URLs in your sheet by using bitly service.

Free Features:
 - Shorten/Expand a single link at a time
 - Click summary of a single link at a time

Premium Features:
 - Shorten/Expand selected/all links in the sheet
 - Create shortlinks with custom backhalf 
 - Get click summary of selected/all bitly links in the sheet

IMPORTANT: 

Bitly Pricing/Plans: https://bitly.com/pages/pricing/v2
Bitly institutes per-month, per-hour, per-minute, per-user, and per-IP rate limits*
    10,000 new Bitlinks created per month
    1,000 calls per hour
    100 calls per minute
For more details visit: https://dev.bitly.com/rate_limiting.html
Further, The volume of URLs that can be converted depends on your Bitly account type and account limits

Video help: https://youtu.be/uxvKqVNlGBg

* Limits are subject to change from time to time by bily without notice.
** This add-on is just a connector between sheets and bitly service.