The Defiance Daily Target 2X Long MSTR ETF (MSTX) plummeted 14.19% in the pre-market session on Monday, as investors reacted to news of MicroStrategy's planned Bitcoin purchase and ongoing uncertainty surrounding the proposed U.S. digital asset reserve.
MSTX is a leveraged exchange-traded fund that tracks the performance of MicroStrategy Incorporated (MSTR), a company that has made significant investments in Bitcoin. As of January 21, MicroStrategy holds over 461,000 BTC, worth approximately $48.4 billion, surpassing the U.S. government's Bitcoin holdings.
MicroStrategy co-founder Michael Saylor hinted at another Bitcoin purchase scheduled for January 27, following the company's recent acquisition of 11,000 BTC at an average price of $101,191 per coin. While MicroStrategy's Bitcoin investments have been profitable, with an unrealized gain of over $19 billion, traders are uncertain about the short-term outlook for Bitcoin and its potential role in the U.S. digital asset reserve.
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