The T-Rex 2X Long MSTR Daily Target ETF (MSTU) saw a sharp plummet of 10.64% during the pre-market session on Monday. This leveraged ETF tracks the performance of MicroStrategy (MSTR), the software company led by Bitcoin enthusiast Michael Saylor.
The sell-off in MSTU came after MicroStrategy announced the addition of three new board members, including former Binance.US CEO Brian Brooks. While the appointment of high-profile individuals to the board is typically seen as a positive development, the market's reaction suggests concerns over potential conflicts of interest or regulatory scrutiny surrounding the move.
As a leveraged ETF, MSTU aims to deliver twice the daily returns of its underlying asset, MSTR. As such, any significant moves in MicroStrategy's stock price can result in amplified gains or losses for MSTU investors. The sharp decline in MSTU highlights the risks associated with leveraged products and the importance of carefully monitoring the underlying assets and news events that can impact their performance.
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