The T-Rex 2X Long MSTR Daily Target ETF (MSTU), a leveraged exchange-traded fund designed to double the daily returns of MicroStrategy (MSTR), witnessed a remarkable pre-market surge of 9.59% on October 29th, 2024. This impressive gain can be attributed to the exceptional performance of the underlying MicroStrategy stock, which has been driven by the company's significant Bitcoin holdings and the cryptocurrency's recent price appreciation.
MSTU, which was launched just six weeks ago, has already delivered an astounding 225% return and accumulated over $1 billion in assets under management. The fund's popularity among investors seeking leveraged exposure to MicroStrategy's Bitcoin-fueled gains has been evident.
MicroStrategy's stock (MSTR) has been on a tear, surging more than 10% during the Monday trading session and up a whopping 53% over the past month alone. This impressive rally has propelled MicroStrategy's market capitalization to over $52 billion, far outpacing the recent modest gains in Bitcoin's price.
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