The T-Rex 2X Long MSTR Daily Target ETF (MSTU) skyrocketed 8.26% in pre-market trading on Wednesday, riding the wave of enthusiasm surrounding MicroStrategy and its CEO Michael Saylor, who is viewed as a "Bitcoin guru" among crypto enthusiasts.
MSTU, a leveraged exchange-traded fund (ETF), aims to deliver twice the daily returns of MicroStrategy's volatile stock. MicroStrategy, a data analytics and software company, has amassed a staggering $37 billion worth of Bitcoin, making it the largest corporate holder of the cryptocurrency.
As MicroStrategy's stock has soared over 500% this year, significantly outpacing even Bitcoin's gains, leveraged ETFs like MSTU that track the stock have seen astronomical returns. The surge in MSTU's pre-market trading can be attributed to the continued frenzy around MicroStrategy and Saylor's bullish stance on Bitcoin and crypto, as well as the ETF's leveraged exposure to the company's volatile stock.
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