The Defiance Daily Target 2X Long MSTR ETF (MSTX), an exchange-traded fund that aims to deliver double the daily return of MicroStrategy (MSTR), surged by 5.05% in after-hours trading on Tuesday.
The ETF's rally is closely tied to the soaring popularity of MicroStrategy, a data-analytics and software company that is the largest corporate Bitcoin holder. MicroStrategy's stock has gained over 500% this year, outpacing Bitcoin's 123% rise, as investors embrace the company's aggressive bet on the cryptocurrency.
Analysts attribute the enthusiasm for MicroStrategy to the perceived influence of its executive chairman, Michael Saylor, who is widely regarded as a Bitcoin guru among crypto enthusiasts. As of November 25, MicroStrategy held 386,700 Bitcoin, valued at about $37 billion, reflecting the company's deep commitment to the digital asset.
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