The Defiance Daily Target 2X Long MSTR ETF (MSTX), which tracks twice the daily performance of MicroStrategy's stock, soared 26.25% in pre-market trading on November 11, 2024. This surge can be attributed to MicroStrategy's recent acquisition of 27,200 Bitcoin (BTC) for $2.03 billion, bringing its total BTC holdings to 279,420 coins worth around $11.9 billion.
MicroStrategy, the largest corporate holder of Bitcoin, made this substantial purchase at an average price of $74,463 per BTC, demonstrating its unwavering belief in the cryptocurrency's long-term potential. The timing of the acquisition, coinciding with Bitcoin's breach of its all-time high on November 6, 2024, further underscores the company's bullish sentiment.
Analysts suggest that MicroStrategy's aggressive Bitcoin buying strategy, coupled with the positive market sentiment following the U.S. election results and strong price action, has fueled investor confidence in the company's stock. As a result, the MSTX ETF, which provides leveraged exposure to MicroStrategy's performance, has experienced a significant pre-market surge.
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