The Defiance Daily Target 1.75X Long MSTR ETF (MSTX) experienced a pre-market plunge of 5.47% on Tuesday, as investors braced for MicroStrategy's (MSTR) fourth-quarter earnings report scheduled for release after the market close.
MicroStrategy, the largest corporate holder of Bitcoin, is closely watched by investors due to its significant exposure to the world's largest cryptocurrency. As such, the company's financial performance is heavily influenced by the fluctuations in the price of Bitcoin.
Investors appear to be exercising caution ahead of MicroStrategy's earnings announcement, fearing that a potential disappointment in the company's results could negatively impact the price of Bitcoin and, consequently, MicroStrategy's stock. Since the MSTX ETF is designed to track the performance of MicroStrategy, any downward movement in MicroStrategy's stock price would directly affect the value of the ETF.
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